Systematic Equity | Allianz Global Investors

<!DOCTYPE html>   <html class="no-js" lang="en">  <head> <title>Systematic Equity | Allianz Global Investors</title>  <meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1" /> <meta charset="utf-8" /> <meta name="viewport" content="width=device-width, initial-scale=1.0" /> <meta name="msapplication-config" content="none" /> <meta http-equiv="content-language" content="en" /> <meta name="language" content="en" /> <meta name="title" content="Systematic Equity | Allianz Global Investors" /> <meta name="description" content="Systematic Equity investing generates excess returns from equity markets using a consistent and risk-controlled approach which has established itself as a recognized approach adding value for investors." /> <meta name="keywords" content="Systematic Equity, best styles global equity, Systematic Equity investing, excess returns, Best Styles investment" /> <meta name="robots" content="follow, index" /> <meta property="og:title" content="Systematic Equity | Allianz Global Investors" /> <meta property="og:description" content="Systematic Equity investing generates excess returns from equity markets using a consistent and risk-controlled approach which has established itself as a recognized approach adding value for investors." /> <meta property="og:image" itemprop="image" content="https://www.allianzgi.com/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?rev=cec3e63746e848b0bac9a686681644d2&hash=A11A54D010EF65E606545CC785B48405" /> <meta property="og:image:secure_url" itemprop="image" content="https://www.allianzgi.com/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?rev=cec3e63746e848b0bac9a686681644d2&hash=A11A54D010EF65E606545CC785B48405" /> <meta name="twitter:card" content="summary_large_image" /> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"WebPage","name":"Systematic Equity | Allianz Global Investors","description":"Systematic Equity investing generates excess returns from equity markets using a consistent and risk-controlled approach which has established itself as a recognized approach adding value for investors.","image":{"@type":"ImageObject","url":"https://www.allianzgi.com/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?rev=cec3e63746e848b0bac9a686681644d2\u0026hash=A11A54D010EF65E606545CC785B48405","inLanguage":"en","contentUrl":"https://www.allianzgi.com/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?rev=cec3e63746e848b0bac9a686681644d2\u0026hash=A11A54D010EF65E606545CC785B48405","height":980,"width":1920},"url":"https://www.allianzgi.com/en/capability-landing/equity/systematic-equity","inLanguage":"en","isPartOf":{"@type":"WebSite","name":"allianzgiglobal","url":"https://www.allianzgi.com","inLanguage":"en","publisher":{"@type":"Organization","name":"Allianz Global Investors","image":{"@type":"ImageObject","url":"https://www.allianzgi.com/-/media/allianzgi/shared/logo/logo-allianz.svg?rev=397001da0f574dbdbf895f1116c12f9c\u0026sc_lang=en\u0026hash=72B9E3A9EAFC8380E49E8FDE04153446","inLanguage":"en","contentUrl":"https://www.allianzgi.com/-/media/allianzgi/shared/logo/logo-allianz.svg?rev=397001da0f574dbdbf895f1116c12f9c\u0026sc_lang=en\u0026hash=72B9E3A9EAFC8380E49E8FDE04153446"},"url":"https://www.allianzgi.com","logo":{"@type":"ImageObject","url":"https://www.allianzgi.com/-/media/allianzgi/shared/logo/logo-allianz.svg?rev=397001da0f574dbdbf895f1116c12f9c\u0026sc_lang=en\u0026hash=72B9E3A9EAFC8380E49E8FDE04153446","inLanguage":"en","contentUrl":"https://www.allianzgi.com/-/media/allianzgi/shared/logo/logo-allianz.svg?rev=397001da0f574dbdbf895f1116c12f9c\u0026sc_lang=en\u0026hash=72B9E3A9EAFC8380E49E8FDE04153446"}}},"primaryImageOfPage":{"@type":"ImageObject","url":"https://www.allianzgi.com/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?rev=cec3e63746e848b0bac9a686681644d2\u0026hash=A11A54D010EF65E606545CC785B48405","inLanguage":"en","contentUrl":"https://www.allianzgi.com/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?rev=cec3e63746e848b0bac9a686681644d2\u0026hash=A11A54D010EF65E606545CC785B48405","height":980,"width":1920}} </script> <link rel="canonical" href="https://www.allianzgi.com/en/capability-landing/equity/systematic-equity" />  <script src="https://cdn.cookielaw.org/scripttemplates/otSDKStub.js" type="text/javascript" charset="UTF-8" data-domain-script="91cea7ab-2808-4983-a938-d316d604e794" data-document-language="true"></script>  <link rel="stylesheet" href="/assets/css/style.css?v=b6a87c493d8cbb0bee542029e02e0a23" /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-Light.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-LightItalic.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-Regular.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-Italic.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-SemiBold.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-SemiBoldItalic.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-Bold.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/allianz-neo/AllianzNeo-BoldItalic.woff2" as="font" type="font/woff2" crossorigin /> <link rel="preload" href="/assets/fonts/patternlab-icons/PatternLab-Iconv2.woff2" as="font" type="font/woff2" crossorigin /> <link rel="apple-touch-icon" href="/-/media/allianzgi/shared/mobile-site-icon-eng.png?rev=f166a99e88d7441783365aa0946f8a13&sc_lang=en&hash=7995F4C16ACF676A1CB3BD1AB798735F" /> <link rel="apple-touch-icon" href="/-/media/allianzgi/shared/mobile-site-icon-eng.png?rev=f166a99e88d7441783365aa0946f8a13&sc_lang=en&hash=7995F4C16ACF676A1CB3BD1AB798735F" sizes="152x152" /> <link rel="shortcut icon" href="/favicon.png" /> </head> <body class=" loading optanon-alert-box-opened" data-source="{AF3944AE-1A3C-4727-8081-E08569892993}" data-sitecoretrackingcategory="2"> <input type="hidden" value="" id="autosearch-min-length" />  <div class="c-header-spacer" data-component="Primary-Navigation"> <header id="agi-main-header" class="c-header agi-geotarget " data-setdisclaimer="False" data-disclaimervalidity="30" data-foldername="" data-navlockmsg="Please log in to use this functionality."> <div class="c-header-metabar"> <div class="c-header-metabar__content c-header__wrapper"> <div class="c-header-metabar__links"> <a class="c-link c-link--icon c-link--inline c-link--external c-header-metabar__external-link" href="https://careers.allianz.com/go/Allianz-Global-Investors/5123901/" target="_blank" title="Careers" data-track="topNavigation" aria-label="Careers"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--launch"></span> <span class="c-link__text">Careers</span> </a> <a class="c-link c-link--icon c-link--inline c-link--external c-header-metabar__external-link" href="/en/our-firm/our-offices" target="" title="Contact Us" data-track="topNavigation" aria-label="Contact Us"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--launch"></span> <span class="c-link__text">Contact Us</span> </a> </div>   <div class="select-role-country" data-url="/api/sitecore/generalcontent/getcountryandroleselector" data-method="post" data-currentcountry="GLOBAL" data-currentrole="" data-selectyourroletext="Select your role"> <div class="c-header-dropdown c-header-dropdown--role-select c-navigation__accordion js-navigation-mobile" data-toggle-switcher="dropdown"> <button class="c-header-dropdown__toggle" aria-haspopup="true" aria-expanded="false" aria-describedby="headerRoleSelect" data-trigger-switcher="dropdown" aria-label="Header Country Selector"> Global <i class="c-icon c-icon--chevron-down c-header-dropdown__icon"></i> </button> <ul class="c-header-dropdown__menu c-accordion c-accordion--level-0" role="menu" aria-hidden="true" data-items-switcher="dropdown" id="headerRoleSelect"> <li role="menuitem" class="c-accordion__item c-accordion__item--level-0"> <span class="c-accordion__button js-main-navigation-link-mobile"> <a id="nav1" class="c-accordion__title js-main-navigation-link-mobile"> Global </a> <span aria-hidden="true" class="c-icon c-icon--chevron-down c-icon--functional c-accordion__indicator"></span> </span> <div class="c-accordion__item c-accordion__item--level-1 c-accordion__item--box"> <div data-parent-id="nav1" class="accordion__content"> <div class="u-text-align-center"> <h3 class="c-heading c-role-select__headline" role="heading"> Select your location and role </h3> </div> <div class="c-select2 u-margin-bottom-s" id="headerCountrySelect" data-value="GLOBAL"> <div class="c-select2__selection" aria-controls="headerCountrySelectMenu" aria-expanded="false" aria-labelledby="headerCountrySelectLabel" role="combobox" tabindex="0" aria-haspopup="listbox" aria-activedescendant> <label id="headerCountrySelectLabel" class="c-select2__label">Select your location</label> <div class="c-select2__selection__rendered"></div> <span class="c-select2__chevron c-icon c-icon--chevron-down"></span> </div> <div id="headerCountrySelectMenu" class="c-select2__dropdown"> <div class="c-select2__dropdown__label">Select your location</div> <div class="c-select2-results"> <ul class="c-select2-results__options" id="select-country-dropdown" tabindex="-1" role="listbox" aria-labelledby="headerCountrySelectLabel"></ul> </div> </div> </div> <div class="u-text-align-center u-margin-top-3m"> <button class="c-button c-button--mobile-medium u-margin-bottom-none" data-track="roleCountrySelection" aria-label="OK"> OK </button> </div> </div> </div> </li> </ul> </div> </div> </div> </div> <div class="c-three-level-navigation js-three-level-nav"> <div class="c-navigation"> <div class="c-navigation--extended js-nav-extended search-wrapper"> <div class="c-navigation__bar c-header__wrapper js-header__wrapper"> <a href="https://www.allianzgi.com/en/" class="c-header__logo js-header__logo" > <img src="/-/media/allianzgi/shared/logo/logo-allianz.svg?rev=397001da0f574dbdbf895f1116c12f9c&sc_lang=en&hash=72B9E3A9EAFC8380E49E8FDE04153446" alt="Allianz Global Investors Home Page"> </a> <nav class="c-main-navbar js-main-navbar" role="menubar"> <ul role="menu" class="c-main-navbar__list"> <li role="menuitem" tabindex="0" class="c-main-navbar__item"> <a id="nav1" aria-expanded="false" aria-haspopup="true" aria-label="Our firm" class="c-main-navbar__link js-main-navigation-link " data-track="topNavigation" data-track-info='{"navigationElement":"Our firm"}'> <span class="c-main-navbar__title"> Our firm</span> </a> </li> <li role="menuitem" tabindex="0" class="c-main-navbar__item"> <a id="nav2" aria-expanded="false" aria-haspopup="true" aria-label="Insights" class="c-main-navbar__link js-main-navigation-link " data-track="topNavigation" data-track-info='{"navigationElement":"Insights"}'> <span class="c-main-navbar__title"> Insights</span> </a> </li> <li role="menuitem" tabindex="0" class="c-main-navbar__item"> <a id="nav3" aria-expanded="false" aria-haspopup="true" aria-label="Capabilities" class="c-main-navbar__link js-main-navigation-link " data-track="topNavigation" data-track-info='{"navigationElement":"Capabilities"}'> <span class="c-main-navbar__title"> Capabilities</span> </a> </li> <li role="menuitem" tabindex="0" class="c-main-navbar__item"> <a id="nav4" aria-expanded="false" aria-haspopup="true" aria-label="Sustainability" class="c-main-navbar__link js-main-navigation-link " data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability"}'> <span class="c-main-navbar__title"> Sustainability</span> </a> </li> <li role="menuitem" tabindex="0" class="c-main-navbar__item"> <a id="nav5" aria-expanded="false" aria-haspopup="true" aria-label="Press centre" class="c-main-navbar__link js-main-navigation-link " data-track="topNavigation" data-track-info='{"navigationElement":"Press centre"}'> <span class="c-main-navbar__title"> Press centre</span> </a> </li> </ul> </nav> <div class="js-search c-js-search" data-method="get" data-initial="3" data-highlights="3" data-insights="2" data-products="2" data-name="globalSearchForm" data-url="/api/sitecore/SearchFeature/GetAGIAutosuggestions" data-action="/en/search-results" data-component="global-search-box"> <div class="c-navigation__search"> <div class="c-search t-bg-white"> <button class="c-link c-link--block c-searchbar__opener js-search-opener" href="#" aria-label="Search"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--search c-icon--functional c-searchbar__search-icon"></span> <span class="c-link__text">Search</span> </button> </div> </div> <div class="c-flyout c-flyout--search-bar js-flyout--search-bar"> <div class="c-searchbar js-searchbar c-searchbar--hidden"> <div class="c-searchbar__form" data-searchcategory="3"> <div class="c-searchbar__icon"> <i aria-hidden="true" class="c-icon c-icon--search c-searchbar__search-icon"></i> </div> <div class="c-searchbar__input-holder"> <input id="global-search-header" type="text" placeholder="Type your search here" class="c-searchbar__input js-searchbar__input" /> <label for="global-search-header" class="u-hidden">Type your search here</label> </div> <div class="c-searchbar__actions"> <button class="c-button c-button c-searchbar__button js-searchbar__search-button u-hidden-medium-down"> Search </button> <button class="c-button c-button c-button--secondary c-searchbar__button js-searchbar__cancel-button u-hidden-medium-down"> Cancel </button> </div> </div> </div> </div> </div>  <script id="search-recent-result--template" type="text/x-handlebars-template"> <div class="c-search__suggestions-title">Previous Searches</div> <div class="c-search__suggestions-content"> <ul class="c-search__suggestions-list"> {{#each res}} <li class="c-search__suggestions-item"> <a href="#" class="c-search__suggestions-link">{{{this}}}</a> </li> {{/each}} </ul> </div> </script> <script id="search-result-suggested-template" type="text/x-handlebars-template"> {{#if Suggestions.length}} <div class="c-search__suggestions-title">Suggested</div> <div class="c-search__suggestions-content"> <ul class="c-search__suggestions-list"> {{#each Suggestions}} {{#each Title}} <li class="c-search__suggestions-item"> <a href="#" class="c-search__suggestions-link">{{{this}}}</a> </li> {{/each}} {{/each}} </ul> </div> {{/if}} </script> <script id="search-result-highlights-template" type="text/x-handlebars-template"> {{#if Highlights.length}} <div class="c-search__suggestions-title">Highlights</div> <div class="c-search__suggestions-content"> <ul class="c-search__suggestions-list"> {{#each Highlights}} {{#each Title}} <li class="c-search__suggestions-item"> <a href="#" class="c-search__suggestions-link">{{{this}}}</a> </li> {{/each}} {{/each}} </ul> </div> {{/if}} </script> <script id="search-result-tiles-template" type="text/x-handlebars-template"> {{#each RelatedInsights}} <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-steel-lightest {{#unless @last}}u-margin-bottom-2m{{/unless}}"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <p class="c-copy c-agi-tile__tags">{{ResultCategory}}</p> {{#if TitleHighlight}} <h4 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="{{PageURL}}" class="c-heading__link"> {{{TitleHighlight}}} </a> </h4> {{else}} <h4 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="{{PageURL}}" class="c-heading__link"> {{{Title}}} </a> </h4> {{/if}} <a class="c-link c-link--block c-link--icon" href="{{PageURL}}" aria-label="Discover more"> <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> {{/each}} </script> <script id="search-result-recent-search-template" type="text/x-handlebars-template"> <div class='previous-search'>{{this}}</div> </script>  </div> <div class="c-flyout c-flyout--search-result"> <div class="c-search t-bg-white"> <div class="c-search__suggestions l-container js-search__suggestions c-search__suggestions--hidden"> <div class="l-grid l-grid-full-width"> <div class="l-grid__row"> <div class="l-grid__column-large-7 u-flex left-column"> <div class="suggested-container"> </div> <div class="highlights-container u-margin-top-2m"> </div> </div> <div class="l-grid__column-large-5"> <div class="c-search__suggestions-tiles tile-suggested-container"> </div> </div> </div> </div> </div> </div> </div> </div> <div class="c-navigation--compact c-js-search">  <div class="c-mobilebar"> <a href="https://www.allianzgi.com/en/" class="c-mobilebar__logo" > <img src="/-/media/allianzgi/shared/logo/logo-allianz.svg?rev=397001da0f574dbdbf895f1116c12f9c&sc_lang=en&hash=72B9E3A9EAFC8380E49E8FDE04153446" alt="Allianz Global Investors Home Page"> </a>  <div class="c-mobilebar__action"> <div class="c-search t-bg-white" data-method="get" data-initial="0" data-highlights="0" data-insights="0" data-products="0" data-name="globalSearchForm" data-url="/api/sitecore/SearchFeature/GetAGIAutosuggestions" data-action="/en/search-results"> <button class="c-link c-link--block c-searchbar__opener js-search-opener" href="#" aria-label="Search"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--search c-icon--functional c-searchbar__search-icon"></span> <span class="c-link__text">Search</span> </button> </div> <div class="c-flyout c-flyout--search-result"> <div class="c-search t-bg-white"> <div class="c-search__suggestions l-container js-search__suggestions c-search__suggestions--hidden"> <div class="l-grid l-grid-full-width"> <div class="l-grid__row"> <div class="l-grid__column-large-7 u-flex left-column"> <div class="suggested-container"> </div> <div class="highlights-container u-margin-top-2m"> </div> </div> <div class="l-grid__column-large-5"> <div class="c-search__suggestions-tiles tile-suggested-container"> </div> </div> </div> </div> </div> </div> </div> </div>  <div class="c-mobilebar__action"> <a href="#" class="c-mobilebar__action c-mobilebar__open js-opener-link-mobile"> <i aria-hidden="true" class="c-icon c-icon--bars c-icon--functional"></i> <span class="u-hidden">Menu</span> </a> </div> </div>  <div class="c-flyout c-flyout--search-bar"> <div class="c-searchbar js-searchbar c-searchbar--hidden"> <div class="c-searchbar__form"> <div class="c-searchbar__icon"> <i aria-hidden="true" class="c-icon c-icon--search c-searchbar__search-icon"></i> </div> <div class="c-searchbar__input-holder"> <input type="text" id="global-search-header-mobile-2" placeholder="" class="c-searchbar__input js-searchbar__input"> <label for="global-search-header-mobile-2" class="u-hidden">Search</label> </div> <a class="c-link c-link--block c-searchbar__link--mobile js-searchbar__clear-button c-link--icon" href='#' aria-label="Clear All"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--close"></span> <span class="c-link__text"> </span> </a> <div class="c-searchbar__actions"> <button class="c-button c-button--small c-searchbar__button--mobile js-searchbar__search-button u-hidden-large-up"> Go </button> </div> </div> </div> </div> </div> <div class="c-flyout c-flyout--sub-navigation js-flyout--sub-navigation"> <div data-parent-id="nav1" class="c-navcontent js-sub-navigation u-hidden-medium-down" style="display: none;"> <div class="l-grid l-grid--max-width "> <div class="l-grid__row"> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm" target="" title="Our firm" aria-expanded="false" aria-label="Our firm" data-track="topNavigation" data-track-info='{"navigationElement":"Our firm"}'> Our firm </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/what-we-do" target="" title="What we do" aria-expanded="false" aria-label="What we do" data-track="topNavigation" data-track-info='{"navigationElement":"What we do"}'> What we do </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/our-history" target="" title="Our history" aria-expanded="false" aria-label="Our history" data-track="topNavigation" data-track-info='{"navigationElement":"Our history"}'> Our history </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/our-culture" target="" title="Our culture" aria-expanded="false" aria-label="Our culture" data-track="topNavigation" data-track-info='{"navigationElement":"Our culture"}'> Our culture </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/inclusion-diversity" target="" title="Diversity, equity & inclusion" aria-expanded="false" aria-label="Diversity, equity & inclusion" data-track="topNavigation" data-track-info='{"navigationElement":"Diversity, equity & inclusion"}'> Diversity, equity & inclusion </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/corporate-responsibility" target="" title="Corporate responsibility" aria-expanded="false" aria-label="Corporate responsibility" data-track="topNavigation" data-track-info='{"navigationElement":"Corporate responsibility"}'> Corporate responsibility </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/art-on-climate" target="" title="Art on climate" aria-expanded="false" aria-label="Art on climate" data-track="topNavigation" data-track-info='{"navigationElement":"Art on climate"}'> Art on climate </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/sponsorships-partnerships" target="" title="Sponsorships & Partnerships" aria-expanded="false" aria-label="Sponsorships & Partnerships" data-track="topNavigation" data-track-info='{"navigationElement":"Sponsorships & Partnerships"}'> Sponsorships & Partnerships </a> </li> </ul> </nav> </div> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"><h3 class="c-navcontent__headline" title="People and places">People and places</h3></li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/leadership" target="" title="Our leadership team" aria-expanded="false" aria-label="Our leadership team" data-track="topNavigation" data-track-info='{"navigationElement":"Our leadership team"}'> Our leadership team </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/our-offices" target="" title="Our offices" aria-expanded="false" aria-label="Our offices" data-track="topNavigation" data-track-info='{"navigationElement":"Our offices"}'> Our offices </a> </li> </ul> <a aria-expanded="false" aria-label="View All" href="/en/our-firm" title="View All" class="c-link"> View All </a> </nav> </div> <div class="l-grid__column-6"> <div class="l-grid__row"> <div class="nav-teaser-container l-grid__column-large-6 u-align-items-stretch"> <div class="c-agi-teaser u-margin-bottom-m" data-track-info='{"event":"promoSection","interaction":"impression","bannerName":"Sponsorships and Partnerships","bannerPosition":"1"}'> <a href="/en/our-firm/sponsorships-partnerships" title="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Sponsorships and Partnerships","bannerPosition":"1"}' target=""> <div class="c-agi-teaser__image"> <figure class="c-image u-hidden-medium-down c-image--1dot8by1"> <img class="c-image__img" src="/-/media/allianzgi/shared/our-firm-redesign/sponsorships-partnerships/1920x980-sponsorship-hero.jpg?w=564&rev=54d8a822278341389368955063df9122&hash=FF788A4D0693F473494628BD6680D14F" loading="lazy" alt="Sponsorship"> </figure> </div> </a> <div class="c-agi-teaser__content"> <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-yellow-light"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h6 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="/en/our-firm/sponsorships-partnerships" title="Sponsorships and Partnerships" target="" class="c-heading__link" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Sponsorships and Partnerships","bannerPosition":"1"}'> Sponsorships and Partnerships </a> </h6> <p class="c-copy c-agi-tile__text"> Great things happen when we work together, especially with a common goal. </p> <a class="c-link c-link--block c-link--icon" href="/en/our-firm/sponsorships-partnerships" aria-label="Learn more" target="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Sponsorships and Partnerships","bannerPosition":"1"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Learn more</span> </a> </div> <div class="c-agi-tile__footer"> </div> </div> </div> </div> </div> </div> <div class="nav-teaser-container l-grid__column-large-6 u-align-items-stretch"> <div class="c-agi-teaser u-margin-bottom-m" data-track-info='{"event":"promoSection","interaction":"impression","bannerName":"“Art on Climate” International Illustration Competition","bannerPosition":"2"}'> <a href="/en/our-firm/art-on-climate" title="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"“Art on Climate” International Illustration Competition","bannerPosition":"2"}' target=""> <div class="c-agi-teaser__image"> <figure class="c-image u-hidden-medium-down c-image--1dot8by1"> <img class="c-image__img" src="/-/media/allianzgi/shared/2021-art-on-climate-ap/homebanner-thumbnail.png?w=564&rev=46fdb1c26c5246a5b82a4b1d7e124acc&hash=215B9B31388ABC8F7347A041729AF268" loading="lazy" alt=""> </figure> </div> </a> <div class="c-agi-teaser__content"> <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-yellow-light"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h6 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="/en/our-firm/art-on-climate" title="“Art on Climate” International Illustration Competition" target="" class="c-heading__link" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"“Art on Climate” International Illustration Competition","bannerPosition":"2"}'> “Art on Climate” International Illustration Competition </a> </h6> <p class="c-copy c-agi-tile__text"> Join us at the virtual exhibition to view the list of awardees and their winning pieces. </p> <a class="c-link c-link--block c-link--icon" href="/en/our-firm/art-on-climate" aria-label="Read more" target="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"“Art on Climate” International Illustration Competition","bannerPosition":"2"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Read more</span> </a> </div> <div class="c-agi-tile__footer"> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>  <nav class="c-navigation__accordion js-navigation-mobile" style="display: none;" data-test="1"> <ul role="menu" class="c-accordion c-accordion--level-0"> <li role="menuitem" class="c-accordion__item c-accordion__item--level-0"> <a id="nav1" href="#" target="" class="c-accordion__button js-main-navigation-link-mobile " data-track="topNavigation"> <span class="c-accordion__title"> Our firm </span> <span aria-hidden="true" class="c-icon c-icon--chevron-down c-icon--functional c-accordion__indicator"></span> </a> <div class="c-accordion__item c-accordion__item--level-1"> <div data-parent-id="nav1" class="accordion__content t-bg-grey-tone-8 js-sub-navigation-mobile" style="display: none;"> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm" target="" title="Our firm" aria-expanded="false" aria-label="Our firm" data-track="topNavigation" data-track-info='{"navigationElement":"Our firm"}'> Our firm </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/what-we-do" target="" title="What we do" aria-expanded="false" aria-label="What we do" data-track="topNavigation" data-track-info='{"navigationElement":"What we do"}'> What we do </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/our-history" target="" title="Our history" aria-expanded="false" aria-label="Our history" data-track="topNavigation" data-track-info='{"navigationElement":"Our history"}'> Our history </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/our-culture" target="" title="Our culture" aria-expanded="false" aria-label="Our culture" data-track="topNavigation" data-track-info='{"navigationElement":"Our culture"}'> Our culture </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/inclusion-diversity" target="" title="Diversity, equity & inclusion" aria-expanded="false" aria-label="Diversity, equity & inclusion" data-track="topNavigation" data-track-info='{"navigationElement":"Diversity, equity & inclusion"}'> Diversity, equity & inclusion </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/corporate-responsibility" target="" title="Corporate responsibility" aria-expanded="false" aria-label="Corporate responsibility" data-track="topNavigation" data-track-info='{"navigationElement":"Corporate responsibility"}'> Corporate responsibility </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/art-on-climate" target="" title="Art on climate" aria-expanded="false" aria-label="Art on climate" data-track="topNavigation" data-track-info='{"navigationElement":"Art on climate"}'> Art on climate </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/sponsorships-partnerships" target="" title="Sponsorships & Partnerships" aria-expanded="false" aria-label="Sponsorships & Partnerships" data-track="topNavigation" data-track-info='{"navigationElement":"Sponsorships & Partnerships"}'> Sponsorships & Partnerships </a> </li> </ul> </nav> </div> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"><h3 class="c-navcontent__headline" title="People and places">People and places</h3></li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/leadership" target="" title="Our leadership team" aria-expanded="false" aria-label="Our leadership team" data-track="topNavigation" data-track-info='{"navigationElement":"Our leadership team"}'> Our leadership team </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/our-firm/our-offices" target="" title="Our offices" aria-expanded="false" aria-label="Our offices" data-track="topNavigation" data-track-info='{"navigationElement":"Our offices"}'> Our offices </a> </li> </ul> <a aria-expanded="false" aria-label="View All" href="/en/our-firm" title="View All" class="c-link"> View All </a> </nav> </div> </div> </div> </li> </ul> </nav> <div data-parent-id="nav2" class="c-navcontent js-sub-navigation u-hidden-medium-down" style="display: none;"> <div class="l-grid l-grid--max-width "> <div class="l-grid__row"> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights" target="" title="Insights" aria-expanded="false" aria-label="Insights" data-track="topNavigation" data-track-info='{"navigationElement":"Insights"}'> Insights </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/allianz-global-investors-academy" target="" title="Allianz Global Investors Academy" aria-expanded="false" aria-label="Allianz Global Investors Academy" data-track="topNavigation" data-track-info='{"navigationElement":"Allianz Global Investors Academy"}'> Allianz Global Investors Academy </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/outlook-and-commentary" target="" title="Outlook & commentary " aria-expanded="false" aria-label="Outlook & commentary " data-track="topNavigation" data-track-info='{"navigationElement":"Outlook & commentary "}'> Outlook & commentary </a> </li> <li role="menuitem" class="c-navcontent__list-item"><h3 class="c-navcontent__headline" title="Our blogs">Our blogs</h3></li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/sustainability-blog" target="" title="Sustainability Now" aria-expanded="false" aria-label="Sustainability Now" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability Now"}'> Sustainability Now </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/the-china-briefing" target="" title="The China Briefing" aria-expanded="false" aria-label="The China Briefing" data-track="topNavigation" data-track-info='{"navigationElement":"The China Briefing"}'> The China Briefing </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/two-minute-tech" target="" title="Two-Minute Tech" aria-expanded="false" aria-label="Two-Minute Tech" data-track="topNavigation" data-track-info='{"navigationElement":"Two-Minute Tech"}'> Two-Minute Tech </a> </li> </ul> </nav> </div> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes" target="" title="Investable Themes" aria-expanded="false" aria-label="Investable Themes" data-track="topNavigation" data-track-info='{"navigationElement":"Investable Themes"}'> Investable Themes </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/rates" target="" title="Navigating Rates" aria-expanded="false" aria-label="Navigating Rates" data-track="topNavigation" data-track-info='{"navigationElement":"Navigating Rates"}'> Navigating Rates </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/disruption" target="" title="Embracing Disruption" aria-expanded="false" aria-label="Embracing Disruption" data-track="topNavigation" data-track-info='{"navigationElement":"Embracing Disruption"}'> Embracing Disruption </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/sustainability" target="" title="Achieving Sustainability" aria-expanded="false" aria-label="Achieving Sustainability" data-track="topNavigation" data-track-info='{"navigationElement":"Achieving Sustainability"}'> Achieving Sustainability </a> </li> </ul> <a aria-expanded="false" aria-label="View All Insights" href="/en/insights" title="View All Insights" class="c-link"> View All Insights </a> </nav> </div> <div class="l-grid__column-6"> <div class="l-grid__row"> <div class="nav-teaser-container l-grid__column-large-6 u-align-items-stretch"> <div class="c-agi-teaser u-margin-bottom-m" data-track-info='{"event":"promoSection","interaction":"impression","bannerName":"Disruption. Change multiplies opportunity","bannerPosition":"1"}'> <a href="/en/investable-themes/disruption" title="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Disruption. Change multiplies opportunity","bannerPosition":"1"}' target=""> <div class="c-agi-teaser__image"> <figure class="c-image u-hidden-medium-down c-image--1dot8by1"> <img class="c-image__img" src="/-/media/allianzgi/redesign/teasers/allianz-giobal-investors-global-disruption-564x317.jpg?w=564&rev=d5930acbe2224398bd6d1237dc9adc31&hash=26E6A5CDA93DEDA84523F63557497D61" loading="lazy" alt="a mirrored image of a aeronautical engine"> </figure> </div> </a> <div class="c-agi-teaser__content"> <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-yellow-light"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h6 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="/en/investable-themes/disruption" title="Disruption. Change multiplies opportunity" target="" class="c-heading__link" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Disruption. Change multiplies opportunity","bannerPosition":"1"}'> Disruption. Change multiplies opportunity </a> </h6> <p class="c-copy c-agi-tile__text"> Disruption is all around us. From new technologies to shifting trade patterns, the status quo is being challenged. Embrace disruption to seize the moment. </p> <a class="c-link c-link--block c-link--icon" href="/en/investable-themes/disruption" aria-label="READ MORE" target="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Disruption. Change multiplies opportunity","bannerPosition":"1"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">READ MORE</span> </a> </div> <div class="c-agi-tile__footer"> </div> </div> </div> </div> </div> </div> <div class="nav-teaser-container l-grid__column-large-6 u-align-items-stretch"> <div class="c-agi-teaser u-margin-bottom-m" data-track-info='{"event":"promoSection","interaction":"impression","bannerName":"Don’t downsize your dreams.","bannerPosition":"2"}'> <a href="/en/investable-themes/rates" title="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Don’t downsize your dreams.","bannerPosition":"2"}' target=""> <div class="c-agi-teaser__image"> <figure class="c-image u-hidden-medium-down c-image--1dot8by1"> <img class="c-image__img" src="/-/media/allianzgi/globalagi/editorial/investable-themes/lower-for-even-longer/lower-for-even-longer-1920x980.jpg?w=564&rev=b4c289d0cf694b0eb305b7f905feb654&hash=5F8ECDC16028C8FA09E5208F884322DC" loading="lazy" alt="ESG – “plus” for sustainability, “plus” for performance?"> </figure> </div> </a> <div class="c-agi-teaser__content"> <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-yellow-light"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h6 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="/en/investable-themes/rates" title="Don’t downsize your dreams." target="" class="c-heading__link" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Don’t downsize your dreams.","bannerPosition":"2"}'> Don’t downsize your dreams. </a> </h6> <p class="c-copy c-agi-tile__text"> Invest for tomorrow by navigating rising rates and inflation. </p> <a class="c-link c-link--block c-link--icon" href="/en/investable-themes/rates" aria-label="READ MORE" target="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Don’t downsize your dreams.","bannerPosition":"2"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">READ MORE</span> </a> </div> <div class="c-agi-tile__footer"> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>  <nav class="c-navigation__accordion js-navigation-mobile" style="display: none;" data-test="1"> <ul role="menu" class="c-accordion c-accordion--level-0"> <li role="menuitem" class="c-accordion__item c-accordion__item--level-0"> <a id="nav2" href="#" target="" class="c-accordion__button js-main-navigation-link-mobile " data-track="topNavigation"> <span class="c-accordion__title"> Insights </span> <span aria-hidden="true" class="c-icon c-icon--chevron-down c-icon--functional c-accordion__indicator"></span> </a> <div class="c-accordion__item c-accordion__item--level-1"> <div data-parent-id="nav2" class="accordion__content t-bg-grey-tone-8 js-sub-navigation-mobile" style="display: none;"> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights" target="" title="Insights" aria-expanded="false" aria-label="Insights" data-track="topNavigation" data-track-info='{"navigationElement":"Insights"}'> Insights </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/allianz-global-investors-academy" target="" title="Allianz Global Investors Academy" aria-expanded="false" aria-label="Allianz Global Investors Academy" data-track="topNavigation" data-track-info='{"navigationElement":"Allianz Global Investors Academy"}'> Allianz Global Investors Academy </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/outlook-and-commentary" target="" title="Outlook & commentary " aria-expanded="false" aria-label="Outlook & commentary " data-track="topNavigation" data-track-info='{"navigationElement":"Outlook & commentary "}'> Outlook & commentary </a> </li> <li role="menuitem" class="c-navcontent__list-item"><h3 class="c-navcontent__headline" title="Our blogs">Our blogs</h3></li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/sustainability-blog" target="" title="Sustainability Now" aria-expanded="false" aria-label="Sustainability Now" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability Now"}'> Sustainability Now </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/the-china-briefing" target="" title="The China Briefing" aria-expanded="false" aria-label="The China Briefing" data-track="topNavigation" data-track-info='{"navigationElement":"The China Briefing"}'> The China Briefing </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/insights/two-minute-tech" target="" title="Two-Minute Tech" aria-expanded="false" aria-label="Two-Minute Tech" data-track="topNavigation" data-track-info='{"navigationElement":"Two-Minute Tech"}'> Two-Minute Tech </a> </li> </ul> </nav> </div> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes" target="" title="Investable Themes" aria-expanded="false" aria-label="Investable Themes" data-track="topNavigation" data-track-info='{"navigationElement":"Investable Themes"}'> Investable Themes </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/rates" target="" title="Navigating Rates" aria-expanded="false" aria-label="Navigating Rates" data-track="topNavigation" data-track-info='{"navigationElement":"Navigating Rates"}'> Navigating Rates </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/disruption" target="" title="Embracing Disruption" aria-expanded="false" aria-label="Embracing Disruption" data-track="topNavigation" data-track-info='{"navigationElement":"Embracing Disruption"}'> Embracing Disruption </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/sustainability" target="" title="Achieving Sustainability" aria-expanded="false" aria-label="Achieving Sustainability" data-track="topNavigation" data-track-info='{"navigationElement":"Achieving Sustainability"}'> Achieving Sustainability </a> </li> </ul> <a aria-expanded="false" aria-label="View All Insights" href="/en/insights" title="View All Insights" class="c-link"> View All Insights </a> </nav> </div> </div> </div> </li> </ul> </nav> <div data-parent-id="nav3" class="c-navcontent js-sub-navigation u-hidden-medium-down" style="display: none;"> <div class="l-grid l-grid--max-width "> <div class="l-grid__row"> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing" target="" title="Capabilities" aria-expanded="false" aria-label="Capabilities" data-track="topNavigation" data-track-info='{"navigationElement":"Capabilities"}'> Capabilities </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/equity" target="" title="Equity" aria-expanded="false" aria-label="Equity" data-track="topNavigation" data-track-info='{"navigationElement":"Equity"}'> Equity </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/china" target="" title="- China Investing" aria-expanded="false" aria-label="- China Investing" data-track="topNavigation" data-track-info='{"navigationElement":"- China Investing"}'> - China Investing </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/equity/systematic-equity" target="" title="- Systematic Equity" aria-expanded="false" aria-label="- Systematic Equity" data-track="topNavigation" data-track-info='{"navigationElement":"- Systematic Equity"}'> - Systematic Equity </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/fixed-income" target="" title="Fixed Income" aria-expanded="false" aria-label="Fixed Income" data-track="topNavigation" data-track-info='{"navigationElement":"Fixed Income"}'> Fixed Income </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/multi-asset" target="" title="Multi Asset" aria-expanded="false" aria-label="Multi Asset" data-track="topNavigation" data-track-info='{"navigationElement":"Multi Asset"}'> Multi Asset </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/private-markets" target="" title="Private Markets" aria-expanded="false" aria-label="Private Markets" data-track="topNavigation" data-track-info='{"navigationElement":"Private Markets"}'> Private Markets </a> </li> </ul> </nav> </div> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/digital-investment-solutions" target="" title="Digital Investment Solutions" aria-expanded="false" aria-label="Digital Investment Solutions" data-track="topNavigation" data-track-info='{"navigationElement":"Digital Investment Solutions"}'> Digital Investment Solutions </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/development-finance" target="" title="Development Finance" aria-expanded="false" aria-label="Development Finance" data-track="topNavigation" data-track-info='{"navigationElement":"Development Finance"}'> Development Finance </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/research" target="" title="Research" aria-expanded="false" aria-label="Research" data-track="topNavigation" data-track-info='{"navigationElement":"Research"}'> Research </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/risklab" target="" title="risklab" aria-expanded="false" aria-label="risklab" data-track="topNavigation" data-track-info='{"navigationElement":"risklab"}'> risklab </a> </li> </ul> <a aria-expanded="false" aria-label="View all Capabilities" href="/en/capability-landing" title="View all Capabilities" class="c-link"> View all Capabilities </a> </nav> </div> <div class="l-grid__column-6"> <div class="l-grid__row"> <div class=""> <div class="c-agi-teaser u-margin-bottom-m" data-track-info='{"event":"promoSection","interaction":"impression","bannerName":"AllianzGI - a pioneer in sustainable investing","bannerPosition":"1"}'> <a href="/en/sustainability/sustainable-investing" title="" aria-label="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"AllianzGI - a pioneer in sustainable investing","bannerPosition":"1"}'> <div class="c-agi-teaser__image"> <figure class="c-image c-image--1dot8by1"> <img class="c-image__img" src="/-/media/allianzgi/shared/our-firm-redesign/corporate-responsibility/564x317-corp-responsibilities-financial-investing-sustainbly-for-future.jpg?w=564&rev=0625f7990ba148968f7c3123ed13e3e3&hash=85824AD8A36C6EDED8F06BD1B9AECB40" alt="Tree next to the modern overpass"> </figure> </div> </a> <div class="c-agi-teaser__content"> <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-yellow-light"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <h3 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="/en/sustainability/sustainable-investing" title="AllianzGI - a pioneer in sustainable investing" class="c-heading__link" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"AllianzGI - a pioneer in sustainable investing","bannerPosition":"1"}'> AllianzGI - a pioneer in sustainable investing </a> </h3> <p class="c-copy c-agi-tile__text"> </p> <a class="c-link c-link--block c-link--icon" href="/en/sustainability/sustainable-investing" aria-label="Read more" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"AllianzGI - a pioneer in sustainable investing","bannerPosition":"1"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Read more</span> </a> </div> <div class="c-agi-tile__footer"> <div class="c-agi-tile__footer-content"> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>  <nav class="c-navigation__accordion js-navigation-mobile" style="display: none;" data-test="1"> <ul role="menu" class="c-accordion c-accordion--level-0"> <li role="menuitem" class="c-accordion__item c-accordion__item--level-0"> <a id="nav3" href="#" target="" class="c-accordion__button js-main-navigation-link-mobile " data-track="topNavigation"> <span class="c-accordion__title"> Capabilities </span> <span aria-hidden="true" class="c-icon c-icon--chevron-down c-icon--functional c-accordion__indicator"></span> </a> <div class="c-accordion__item c-accordion__item--level-1"> <div data-parent-id="nav3" class="accordion__content t-bg-grey-tone-8 js-sub-navigation-mobile" style="display: none;"> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing" target="" title="Capabilities" aria-expanded="false" aria-label="Capabilities" data-track="topNavigation" data-track-info='{"navigationElement":"Capabilities"}'> Capabilities </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/equity" target="" title="Equity" aria-expanded="false" aria-label="Equity" data-track="topNavigation" data-track-info='{"navigationElement":"Equity"}'> Equity </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/investable-themes/china" target="" title="- China Investing" aria-expanded="false" aria-label="- China Investing" data-track="topNavigation" data-track-info='{"navigationElement":"- China Investing"}'> - China Investing </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/equity/systematic-equity" target="" title="- Systematic Equity" aria-expanded="false" aria-label="- Systematic Equity" data-track="topNavigation" data-track-info='{"navigationElement":"- Systematic Equity"}'> - Systematic Equity </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/fixed-income" target="" title="Fixed Income" aria-expanded="false" aria-label="Fixed Income" data-track="topNavigation" data-track-info='{"navigationElement":"Fixed Income"}'> Fixed Income </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/multi-asset" target="" title="Multi Asset" aria-expanded="false" aria-label="Multi Asset" data-track="topNavigation" data-track-info='{"navigationElement":"Multi Asset"}'> Multi Asset </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/private-markets" target="" title="Private Markets" aria-expanded="false" aria-label="Private Markets" data-track="topNavigation" data-track-info='{"navigationElement":"Private Markets"}'> Private Markets </a> </li> </ul> </nav> </div> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/digital-investment-solutions" target="" title="Digital Investment Solutions" aria-expanded="false" aria-label="Digital Investment Solutions" data-track="topNavigation" data-track-info='{"navigationElement":"Digital Investment Solutions"}'> Digital Investment Solutions </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/development-finance" target="" title="Development Finance" aria-expanded="false" aria-label="Development Finance" data-track="topNavigation" data-track-info='{"navigationElement":"Development Finance"}'> Development Finance </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/research" target="" title="Research" aria-expanded="false" aria-label="Research" data-track="topNavigation" data-track-info='{"navigationElement":"Research"}'> Research </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/capability-landing/risklab" target="" title="risklab" aria-expanded="false" aria-label="risklab" data-track="topNavigation" data-track-info='{"navigationElement":"risklab"}'> risklab </a> </li> </ul> <a aria-expanded="false" aria-label="View all Capabilities" href="/en/capability-landing" title="View all Capabilities" class="c-link"> View all Capabilities </a> </nav> </div> </div> </div> </li> </ul> </nav> <div data-parent-id="nav4" class="c-navcontent js-sub-navigation u-hidden-medium-down" style="display: none;"> <div class="l-grid l-grid--max-width "> <div class="l-grid__row"> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability" target="" title="Sustainability" aria-expanded="false" aria-label="Sustainability" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability"}'> Sustainability </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/sustainable-investing" target="" title="Sustainable Investing" aria-expanded="false" aria-label="Sustainable Investing" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainable Investing"}'> Sustainable Investing </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/insights-on-sustainable-investing" target="" title="Sustainability Insights" aria-expanded="false" aria-label="Sustainability Insights" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability Insights"}'> Sustainability Insights </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/policies-and-reporting" target="" title="Policies and Reporting" aria-expanded="false" aria-label="Policies and Reporting" data-track="topNavigation" data-track-info='{"navigationElement":"Policies and Reporting"}'> Policies and Reporting </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/sustainability-report-2023" target="" title="Sustainability and Stewardship Report 2023" aria-expanded="false" aria-label="Sustainability and Stewardship Report 2023" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability and Stewardship Report 2023"}'> Sustainability and Stewardship Report 2023 </a> </li> </ul> <a aria-expanded="false" aria-label="View All" href="/en/sustainability" title="View All" class="c-link"> View All </a> </nav> </div> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> </ul> </nav> </div> <div class="l-grid__column-6"> <div class="l-grid__row"> <div class="nav-teaser-container l-grid__column-large-6 u-align-items-stretch"> <div class="c-agi-teaser u-margin-bottom-m" data-track-info='{"event":"promoSection","interaction":"impression","bannerName":"Sustainability and Stewardship Report 2023","bannerPosition":"1"}'> <a href="/en/sustainability/sustainability-report-2023" title="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Sustainability and Stewardship Report 2023","bannerPosition":"1"}' target=""> <div class="c-agi-teaser__image"> <figure class="c-image u-hidden-medium-down c-image--1dot8by1"> <img class="c-image__img" src="/-/media/allianzgi/globalagi/sustainability/sustainability-report-2023/allianz-global-investors-sustainability-report-2023-564x317.jpg?w=564&rev=29700df201a443619c3faf120f668842&hash=1FE346B320DE3CFF6565F8661449FDB1" loading="lazy" alt="Allianz-Global-Investors-Sustainability-Report-2023"> </figure> </div> </a> <div class="c-agi-teaser__content"> <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-yellow-light"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <p class="c-copy c-agi-tile__tags"> Allianz Global Investors </p> <h6 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="/en/sustainability/sustainability-report-2023" title="Sustainability and Stewardship Report 2023" target="" class="c-heading__link" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Sustainability and Stewardship Report 2023","bannerPosition":"1"}'> Sustainability and Stewardship Report 2023 </a> </h6> <p class="c-copy c-agi-tile__text"> Our vision is to make sustainability tangible and target real-world solutions. Learn more in our Sustainability and Stewardship Report 2023. </p> <a class="c-link c-link--block c-link--icon" href="/en/sustainability/sustainability-report-2023" aria-label="Read more" target="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Sustainability and Stewardship Report 2023","bannerPosition":"1"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Read more</span> </a> </div> <div class="c-agi-tile__footer"> </div> </div> </div> </div> </div> </div> <div class="nav-teaser-container l-grid__column-large-6 u-align-items-stretch"> <div class="c-agi-teaser u-margin-bottom-m" data-track-info='{"event":"promoSection","interaction":"impression","bannerName":"Our blog: Sustainability Now","bannerPosition":"2"}'> <a href="/en/insights/sustainability-blog" title="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Our blog: Sustainability Now","bannerPosition":"2"}' target=""> <div class="c-agi-teaser__image"> <figure class="c-image u-hidden-medium-down c-image--1dot8by1"> <img class="c-image__img" src="/-/media/allianzgi/globalagi/hero/insights/sustainability-blog/1920x980-hero-sustainability-now.jpg?w=564&rev=6b32ec227cb344b19cf1880e0c610aae&hash=0A09AF54FA5FCEC67C24C6810256EC88" loading="lazy" alt="Stairs in front of a planted wall"> </figure> </div> </a> <div class="c-agi-teaser__content"> <div class="c-agi-tile c-agi-tile--compact t-bg-vibrant-yellow-light"> <div class="c-agi-tile__wrapper"> <div class="c-agi-tile__content"> <p class="c-copy c-agi-tile__tags"> Achieving Sustainability </p> <h6 class="c-heading c-agi-tile__headline c-heading--link-black"> <a href="/en/insights/sustainability-blog" title="Our blog: Sustainability Now" target="" class="c-heading__link" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Our blog: Sustainability Now","bannerPosition":"2"}'> Our blog: Sustainability Now </a> </h6> <p class="c-copy c-agi-tile__text"> Read our blog for fresh takes on sustainable investing </p> <a class="c-link c-link--block c-link--icon" href="/en/insights/sustainability-blog" aria-label="Read the latest post" target="" data-track="teaserClick" data-track-info='{"event":"promoSection","interaction":"click","bannerName":"Our blog: Sustainability Now","bannerPosition":"2"}'> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">Read the latest post</span> </a> </div> <div class="c-agi-tile__footer"> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>  <nav class="c-navigation__accordion js-navigation-mobile" style="display: none;" data-test="1"> <ul role="menu" class="c-accordion c-accordion--level-0"> <li role="menuitem" class="c-accordion__item c-accordion__item--level-0"> <a id="nav4" href="#" target="" class="c-accordion__button js-main-navigation-link-mobile " data-track="topNavigation"> <span class="c-accordion__title"> Sustainability </span> <span aria-hidden="true" class="c-icon c-icon--chevron-down c-icon--functional c-accordion__indicator"></span> </a> <div class="c-accordion__item c-accordion__item--level-1"> <div data-parent-id="nav4" class="accordion__content t-bg-grey-tone-8 js-sub-navigation-mobile" style="display: none;"> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability" target="" title="Sustainability" aria-expanded="false" aria-label="Sustainability" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability"}'> Sustainability </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/sustainable-investing" target="" title="Sustainable Investing" aria-expanded="false" aria-label="Sustainable Investing" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainable Investing"}'> Sustainable Investing </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/insights-on-sustainable-investing" target="" title="Sustainability Insights" aria-expanded="false" aria-label="Sustainability Insights" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability Insights"}'> Sustainability Insights </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/policies-and-reporting" target="" title="Policies and Reporting" aria-expanded="false" aria-label="Policies and Reporting" data-track="topNavigation" data-track-info='{"navigationElement":"Policies and Reporting"}'> Policies and Reporting </a> </li> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/sustainability/sustainability-report-2023" target="" title="Sustainability and Stewardship Report 2023" aria-expanded="false" aria-label="Sustainability and Stewardship Report 2023" data-track="topNavigation" data-track-info='{"navigationElement":"Sustainability and Stewardship Report 2023"}'> Sustainability and Stewardship Report 2023 </a> </li> </ul> </nav> </div> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> </ul> <a aria-expanded="false" aria-label="View All" href="/en/sustainability" title="View All" class="c-link"> View All </a> </nav> </div> </div> </div> </li> </ul> </nav> <div data-parent-id="nav5" class="c-navcontent js-sub-navigation u-hidden-medium-down" style="display: none;"> <div class="l-grid l-grid--max-width "> <div class="l-grid__row"> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/press-centre" target="" title="Press centre" aria-expanded="false" aria-label="Press centre" data-track="topNavigation" data-track-info='{"navigationElement":"Press centre"}'> Press centre </a> </li> </ul> <a aria-expanded="false" aria-label="View All" href="/en/press-centre" title="View All" class="c-link"> View All </a> </nav> </div> <div class="l-grid__column-3"> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> </ul> </nav> </div> <div class="l-grid__column-6"> <div class="l-grid__row"> </div> </div> </div> </div> </div>  <nav class="c-navigation__accordion js-navigation-mobile" style="display: none;" data-test="1"> <ul role="menu" class="c-accordion c-accordion--level-0"> <li role="menuitem" class="c-accordion__item c-accordion__item--level-0"> <a id="nav5" href="#" target="" class="c-accordion__button js-main-navigation-link-mobile " data-track="topNavigation"> <span class="c-accordion__title"> Press centre </span> <span aria-hidden="true" class="c-icon c-icon--chevron-down c-icon--functional c-accordion__indicator"></span> </a> <div class="c-accordion__item c-accordion__item--level-1"> <div data-parent-id="nav5" class="accordion__content t-bg-grey-tone-8 js-sub-navigation-mobile" style="display: none;"> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> <li role="menuitem" class="c-navcontent__list-item"> <a tabindex=0 href="/en/press-centre" target="" title="Press centre" aria-expanded="false" aria-label="Press centre" data-track="topNavigation" data-track-info='{"navigationElement":"Press centre"}'> Press centre </a> </li> </ul> </nav> </div> <div> <nav class="c-navcontent__links"> <ul role="menu" class="c-navcontent__list"> </ul> <a aria-expanded="false" aria-label="View All" href="/en/press-centre" title="View All" class="c-link"> View All </a> </nav> </div> </div> </div> </li> </ul> </nav> <div class="c-navigation__accordion js-navigation-mobile" style="display: none;"> <div class="c-accordion__button"> <a class="c-link c-link--icon c-link--inline c-link--external c-header-metabar__external-link" href="https://careers.allianz.com/go/Allianz-Global-Investors/5123901/" target="_blank" title="Careers" aria-label="Careers" data-track="topNavigation"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--launch"></span> <span class="c-link__text">Careers</span> </a> </div> </div> <div class="c-navigation__accordion js-navigation-mobile" style="display: none;"> <div class="c-accordion__button"> <a class="c-link c-link--icon c-link--inline c-link--external c-header-metabar__external-link" href="/en/our-firm/our-offices" target="" title="" aria-label="" data-track="topNavigation"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--launch"></span> <span class="c-link__text">Contact Us</span> </a> </div> </div>  <div aria-hidden="true">  <div class="select-role-country" data-url="/api/sitecore/generalcontent/getcountryandroleselector" data-method="post" data-currentcountry="GLOBAL" data-currentrole="" data-selectyourroletext="Select your role"> <div class="c-header-dropdown c-header-dropdown--role-select c-navigation__accordion js-navigation-mobile" data-toggle-switcher="dropdown"> <button class="c-header-dropdown__toggle" aria-haspopup="true" aria-expanded="false" aria-describedby="headerRoleSelect" data-trigger-switcher="dropdown" aria-label="Header Country Selector"> Global <i class="c-icon c-icon--chevron-down c-header-dropdown__icon"></i> </button> <ul class="c-header-dropdown__menu c-accordion c-accordion--level-0" role="menu" aria-hidden="true" data-items-switcher="dropdown" id="headerRoleSelect"> <li role="menuitem" class="c-accordion__item c-accordion__item--level-0"> <span class="c-accordion__button js-main-navigation-link-mobile"> <a id="nav1" class="c-accordion__title js-main-navigation-link-mobile"> Global </a> <span aria-hidden="true" class="c-icon c-icon--chevron-down c-icon--functional c-accordion__indicator"></span> </span> <div class="c-accordion__item c-accordion__item--level-1 c-accordion__item--box"> <div data-parent-id="nav1" class="accordion__content"> <div class="u-text-align-center"> <h3 class="c-heading c-role-select__headline" role="heading"> Select your location and role </h3> </div> <div class="c-select2 u-margin-bottom-s" id="headerCountrySelect" data-value="GLOBAL"> <div class="c-select2__selection" aria-controls="headerCountrySelectMenu" aria-expanded="false" aria-labelledby="headerCountrySelectLabel" role="combobox" tabindex="0" aria-haspopup="listbox" aria-activedescendant> <label id="headerCountrySelectLabel" class="c-select2__label">Select your location</label> <div class="c-select2__selection__rendered"></div> <span class="c-select2__chevron c-icon c-icon--chevron-down"></span> </div> <div id="headerCountrySelectMenu" class="c-select2__dropdown"> <div class="c-select2__dropdown__label">Select your location</div> <div class="c-select2-results"> <ul class="c-select2-results__options" id="select-country-dropdown" tabindex="-1" role="listbox" aria-labelledby="headerCountrySelectLabel"></ul> </div> </div> </div> <div class="u-text-align-center u-margin-top-3m"> <button class="c-button c-button--mobile-medium u-margin-bottom-none" data-track="roleCountrySelection" aria-label="OK"> OK </button> </div> </div> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="account-access-wrapper-primary"> </div> </div> </header> </div> <main class="main-container">  <section class="component agi-hero-carousel" data-component="Hero-Banner-Generic"> <div class="l-container l-container--full-width"> <div class="c-hero-banner js-hero-banner" data-slider-infinite=true data-slidedelay="5000" data-pauseonhover="true" data-autoplay=true data-transitionspeed="2000"> <div class="c-hero-banner__slides" data-component="Hero-Editorial"> <div class="c-hero-banner__slide"> <div class="c-hero-banner__image-wrapper"> <picture> <source srcset="/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=1360&rev=cec3e63746e848b0bac9a686681644d2&hash=ABC1F4656A05B91F7D914DDECD734AB6, /-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=2040&rev=cec3e63746e848b0bac9a686681644d2&hash=13FEEEB70763FF6AEBC34FCF5003B889 2x" media='(min-width: 1360px)'> <source srcset="/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=768&rev=cec3e63746e848b0bac9a686681644d2&hash=426BDD2DF4373F757BB0F3A75684248B, /-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=1152&rev=cec3e63746e848b0bac9a686681644d2&hash=461247090A7CC40FE4780CA8B47C8D43 2x" media='(min-width: 768px)'> <source srcset="/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=640&rev=cec3e63746e848b0bac9a686681644d2&hash=08BB452F208502549636F55D1C085C28, /-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=960&rev=cec3e63746e848b0bac9a686681644d2&hash=17FD284FF3D79CAB2306748C2BDE59FC 2x" media='(min-width: 320px)'> <img src="/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=1360&rev=cec3e63746e848b0bac9a686681644d2&hash=ABC1F4656A05B91F7D914DDECD734AB6" srcset="/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=1360&rev=cec3e63746e848b0bac9a686681644d2&hash=ABC1F4656A05B91F7D914DDECD734AB6, /-/media/allianzgi/shared/systematic-equity/allianz-global-investors-1920x980-systematic-equity-final.jpg?w=2040&rev=cec3e63746e848b0bac9a686681644d2&hash=13FEEEB70763FF6AEBC34FCF5003B889 2x" class="c-hero-banner__img swiper-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> <h1 class="c-heading heading3 u-margin-bottom-s u-text-weight-semibold"> Systematic Equity </h1> <div class="c-copy u-margin-bottom-s"> <p>Systematic Equity Investing at Allianz Global Investors<br /> – For More Than 25 Years Your Gateway to Consistent Excess Returns Worldwide </p> </div> </div> </div> </div> </div> <div class="l-container"> <div class="c-hero-banner__bullets"></div> </div> </div> </div> </section> <div class="l-container--full-width multi-column-wrapper columns--negative t-bg-rich-blue" data-component="MultiColumnWrapper"> <div class="l-container l-container--no-gutters u-margin-top-m u-padding-top-m u-padding-bottom-m"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light">Systematic Equity Investing at Allianz Global Investors</h2> <p class="c-copy u-text-center domain"><p style="font-size: 16px; line-height: 24px; text-align: center; margin-top:;"> <strong>Systematic Equity investing</strong> aims to deliver superior equity market returns through a repeatable, risk-managed approach, providing added value to our clients. As the Systematic Equity team at Allianz Global Investors, founded in 1996, we have been pioneering this field for more than 25 years and developed it continuously. Our innovations include integrating sustainability into the investment process, and we have been employing Artificial Intelligence in our methodologies for more than a decade. And we have a strong team with the experience and know-how to continue this journey. </p> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Since inception, our flagship strategy, <strong>Best Styles Global Equity</strong>, has demonstrated the potential to generate long-term excess returns in various market scenarios and throughout the business cycle. Our broad range of regional, sustainable, and specialist strategies build on this success and have shown strength of their own. </p> <p style="font-size: 16px; line-height: 24px; text-align: center; margin-bottom: 46px;"> Best Styles Global was launched in 1999. Its track record demonstrates the power of compounding stable outperformance and minimizing relative performance drawdowns. </p> <div style="position: relative; display: block; max-width: 630px; margin: auto;"> <div style="padding-top: 56.25%;"> <iframe src="https://players.brightcove.net/5288560598001/default_default/index.html?videoId=6362057322112" allowfullscreen="" allow="encrypted-media" style="position: absolute; top: 0px; right: 0px; bottom: 0px; left: 0px; width: 100%; height: 100%;"> </iframe> </div> </div> <br /></p> </div> </div> <div class="l-grid__row align-items-stretch"> </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper intro-text-container columns--positive " data-component="intro-text"> <div class="l-container l-container--no-gutters"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light">Investment philosophy</h2> <p class="c-copy u-text-center domain u-margin-bottom-none"><p style="font-size: 16px; line-height: 24px; text-align: center;"> The Best Styles investment philosophy is based on the conviction that investment styles – factors like value or momentum – carry risk premia that can be harvested in a disciplined, systematic way, largely independent of the economic or market environment. </p> <p style="font-size: 16px; line-height: 24px; text-align: center;"> In our view, these risk premia are integral to the success of active equity portfolio management and, as such, should be a central element of the investment process. But we also believe that these risk premia carry other risks that need to be carefully managed. By strategically harvesting risk premia from well-recognized investment styles in a risk-controlled manner, we aim to consistently achieve outperformance while limiting the volatility of excess returns. </p> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Our views also align with decades of academic financial markets research. Verified and complemented by our own in-house research, this been instrumental for the enduring success of our strategies across various market cycles and major investment regions worldwide. </p></p> </div> </div> </div> </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"> <style> .c-expert-team-card .c-link-row__link { display: none; } .carousel-container .t-bg-rich-petrol, .carousel-container.t-bg-rich-petrol, .multi-column-wrapper .t-bg-rich-petrol, .multi-column-wrapper.t-bg-rich-petrol { /* background-color: #007396!important; */ background-color: #275D38!important; margin-top: -140px!important; } .carousel-container .t-bg-rich-green-light, .carousel-container.t-bg-rich-green-light, .multi-column-wrapper .t-bg-rich-green-light, .multi-column-wrapper.t-bg-rich-green-light { /* background-color: #688e74!important; */ background-color: #275D38!important; margin-top: -85px; } @media only screen and (max-width: 768px) { .carousel-container .t-bg-rich-petrol, .carousel-container.t-bg-rich-petrol, .multi-column-wrapper .t-bg-rich-petrol, .multi-column-wrapper.t-bg-rich-petrol, .carousel-container .t-bg-rich-green-light, .carousel-container.t-bg-rich-green-light, .multi-column-wrapper .t-bg-rich-green-light, .multi-column-wrapper.t-bg-rich-green-light { margin-top: 0!important; } .l-grid__column p[style="font-size: 16px; line-height: 24px; text-align: center; margin-top: -215px;"] { margin-top: 0!important; } .l-grid__column p[style="font-size: 16px; line-height: 24px; text-align: center; margin-top: -160px;"] { margin-top: 0!important; } } .glossary-table { border-collapse: collapse; width: 100%; } .glossary-table td { padding: 15px; border-bottom: 1px solid #DADADA; height: 70px; overflow: hidden; } .glossary-table .blue-text { color: #007AB3; font-weight: bold; } .glossary-table tr:last-child td { border-bottom: none; } .l-container.c-expert-team-card { margin-bottom: -64px; } </style> <link rel="stylesheet" href="css/fonts.css" /> <link rel="stylesheet" type="text/css" href="/-/media/allianzgi/shared/systematic-equity/css/animation.css?rev=3d57ba3dbb3d4c83a265ea8594e9fb67"/> <link rel="stylesheet" type="text/css" href="/-/media/allianzgi/shared/systematic-equity/css/normalize.css?rev=72bb1e7ab29d4d8e8f7f3bf2dab561e0"/> <link rel="stylesheet" type="text/css" href="/-/media/allianzgi/shared/systematic-equity/css/systematic-equity.css?rev=29f13f4279d0491e9a322803344b895b"/> <script type="text/javascript" src="//code.jquery.com/jquery-3.6.4.min.js"></script> <script type="text/javascript" src="//code.jquery.com/jquery-3.7.1.min.js"></script> <script src="/-/media/allianzgi/shared/systematic-equity/js/jquery364min.js?rev=3c9d30c5755347dab412be016f2e29fe"></script> <script src="/-/media/allianzgi/shared/systematic-equity/js/common.js?rev=57411d54d9934bdb8f5da647b6389349"></script> <script src="js/common.js"></script> <div class="systematic-equity" style="overflow: hidden;"> <div class="section-title">Figure: <div class="line-break"></div> Sources of outperformance</div> <div class="blocks-section"> <div class="blocks-wrap left-blocks-wrap active-blocks-wrap"> <div class="left-blocks"> <div class="block-item left-block-1"></div> <div class="block-item left-block-2"></div> <div class="block-item left-block-1"></div> <div class="block-item left-block-2"></div> <div class="block-item left-block-1"><span class="block-name">Active Returns</span></div> <div class="block-item left-block-2"></div> <div class="block-item left-block-1"></div> <div class="block-item left-block-2"></div> <div class="block-item left-block-1"></div> </div> </div> <div class="blocks-year"> <div class="year-wrap"> <div><a href="#" class="year-active" data-year="1980" aria-labe="1980s">1980s</a></div> <div><a href="#" data-year="1990" aria-labe="1990s">1990s</a></div> <div><a href="#" data-year="2000" aria-labe="2000s">2000s</a></div> </div> </div> <div class="blocks-wrap right-blocks-wrap"> <div class="right-blocks right-block-1980 block-active"> <div class="block-item right-block-1980-1 block-1980 block-1980-1"></div> <div class="block-item right-block-1980-2 block-1980 block-1980-2"></div> <div class="block-item right-block-1980-1 block-1980 block-1980-3"><span class="block-name">Alpha</span></div> <div class="block-item right-block-1980-2 block-1980 block-1980-4"></div> <div class="block-item right-block-1980-1 block-1980 block-1980-5"></div> <div class="block-item right-block-1980-2 block-1980 block-1980-6"></div> <div class="block-item right-block-1980-3 block-1980 block-1980-7"></div> <div class="block-item right-block-1980-4 block-1980 block-1980-8"><span class="block-name">Excess Market Beta</span></div> <div class="block-item right-block-1980-3 block-1980 block-1980-9"></div> </div> <div class="right-blocks right-block-1990"> <div class="block-item right-block-1990-1 block-1990 block-1990-1"></div> <div class="block-item right-block-1990-2 block-1990 block-1990-2"></div> <div class="block-item right-block-1990-1 block-1990 block-1990-3"><span class="block-name">Alpha</span></div> <div class="block-item right-block-1990-2 block-1990 block-1990-4"></div> <div class="block-item right-block-1990-3 block-1990 block-1990-5"><span class="block-name">Value Beta</span></div> <div class="block-item right-block-1990-4 block-1990 block-1990-6"><span class="block-name">Small Cap Beta</span></div> <div class="block-item right-block-1990-5 block-1990 block-1990-7"></div> <div class="block-item right-block-1990-6 block-1990 block-1990-8"><span class="block-name">Excess Market Beta</span></div> <div class="block-item right-block-1990-5 block-1990 block-1990-9"></div> </div> <div class="right-blocks right-block-2000"> <div class="block-item right-block-2000-1 block-2000 block-2000-1"></div> <div class="block-item right-block-2000-2 block-2000 block-2000-2"><span class="block-name">Alpha</span></div> <div class="row-2-col"> <div class="block-item right-block-2000-3 block-2000 block-2000-3"><span class="block-name">Revisions Beta</span></div> <div class="block-item right-block-2000-4 block-2000 block-2000-4"><span class="block-name">Value Beta</span></div> </div> <div class="block-item right-block-2000-5 block-2000 block-2000-5"><span class="block-name">Momentum Beta</span></div> <div class="row-2-col"> <div class="block-item right-block-2000-6 block-2000 block-2000-6"><span class="block-name">Growth Beta</span></div> <div class="block-item right-block-2000-7 block-2000 block-2000-7"><span class="block-name">Quality Beta</span></div> </div> <div class="block-item right-block-2000-8 block-2000 block-2000-8"><span class="block-name">Small Cap Beta</span></div> <div class="block-item right-block-2000-9 block-2000 block-2000-9"></div> <div class="block-item right-block-2000-10 block-2000 block-2000-10"><span class="block-name">Excess Market Beta</span></div> <div class="block-item right-block-2000-9 block-2000 block-2000-11"></div> </div> </div> </div> <div class="section-remark">Source: MSCI and Allianz Global Investors.</div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper one-column columns--positive t-bg-vibrant-royal-lightest" data-component="MultiColumnWrapper"> <div class="l-container l-container--no-gutters u-margin-top-m u-padding-top-m u-padding-bottom-m"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light">Investment process</h2> <p class="c-copy u-text-center domain"><p style="font-size: 16px; line-height: 24px; text-align: center;"> The Best Styles investment process fully reflects our Best Styles investment philosophy. We strive to build a portfolio with exposure to long-term investment style winners while combining that with rigorous risk management. </p> </p> </div> </div> <div class="l-grid__row align-items-stretch"> <div class="c-agi-teaser align-tiles-imagetoRight tile--negative teaser--50-50" aria-label="" data-track-info=''> <div class="c-agi-teaser__image t-bg-rich-blue" aria-hidden="true"> <a target="_blank" data-track="teaserClick" data-track-info=''> <figure class="c-image c-image--1dot8by1"> <img src="/-/media/allianzgi/shared/systematic-equity/allianz-global-investors-systematic-equity-investment-process-2-564x317.jpg?rev=8e422d23c7524225a23c343ba0d77be5&la=en&h=317&w=564&hash=37992416D5E6FBE04E25E82ADAFF011B" class="c-image__img" alt="" /> </figure> </a> </div> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-rich-blue"> <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'> </h3> <p class="c-copy c-agi-tile__text"> Recognizing that different investment styles perform well at different points in time, we seek exposure to a diversified blend of five investment styles, based on their long-term performance success as well as their diversification potential. We evaluate stocks based on their investment style profile and employ Artificial Intelligence (AI) techniques to further enhance our stock selection approach. </p> </div> <div class="c-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper intro-text-container columns--positive t-bg-vibrant-royal-lightest" data-component="intro-text"> <div class="l-container l-container--no-gutters"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light"></h2> <p class="c-copy u-text-center domain u-margin-bottom-none"><p style="font-size: 16px; line-height: 24px; text-align: center; margin-top: -80px;"> The risk-controlled portfolio construction process combines stocks to achieve an overall attractive investment style profile, while at the same time respecting multiple constraints, concerning, e.g., active sector, region, single stock weightings or the market beta. Further constraints apply to investment style overlaps as well as non-rewarding risk factors to ensure an efficient collection of risk premia, focusing on exposures where we see the potential for added value. </p> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Owing to our team's robust academic background, we've explored and applied a wide spectrum of quantitative techniques, many now classified under the domain of AI. For more than a decade, we have been actively employing AI techniques, making them a crucial component of our investment process. Using the knowledge and experience of the team to leverage advanced technology has been the key to our success. </p> <p style="font-size: 16px; line-height: 24px; text-align: center; margin-bottom: -32px;"> Best Styles applies a truly balanced and diversified multi-factor approach. The investment style “Value” plays a prominent role, but it is well-complemented by “Quality” and a broader definition of trend-following styles such as “Momentum”, “Revisions”, and “Growth”. Combined with AI techniques, this approach is the foundation of a compelling proposition, illustrating how ongoing research can secure a competitive edge in the asset management industry. </p></p> </div> </div> </div> </div> </div> </div> </div> </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"> <h2 style="font-size: 40px; line-height: 48px; letter-spacing: .3px; text-align: center; margin-bottom: 32px;"> About the Systematic Equity Team </h2> <div class="systematic-equity"> <div class="flip-box-wrap"> <div class="flip-box"> <div class="flip-box-inner"> <div class="flip-box-front"> <div class="box-name"> USD 59bn* </div> <div class="box-description">assets under management</div> <div class="learn-more">LEARN MORE</div> </div> <div class="flip-box-back"> <div> The Systematic Equity team is focused on the management of equities in all major investment regions of the world with currently <strong>USD 59bn assets under management</strong> (as of June 2024). </div> </div> </div> </div> <div class="flip-box"> <div class="flip-box-inner"> <div class="flip-box-front"> <div class="box-name"> USD 47bn* </div> <div class="box-description">Best Styles strategies account for the largest part of these assets</div> <div class="learn-more">LEARN MORE</div> </div> <div class="flip-box-back"> <div> Their flagship <strong>Best Styles strategy accounts</strong> for the largest part of these assets with USD 47bn but the team’s investment offering goes beyond. </div> </div> </div> </div> <div class="flip-box"> <div class="flip-box-inner"> <div class="flip-box-front"> <div class="box-name"> USD 21bn* </div> <div class="box-description">of Sustainable assets under management</div> <div class="learn-more">LEARN MORE</div> </div> <div class="flip-box-back"> <div> The Systematic Equity team flexibly integrates aspects of <strong>Sustainable and Responsible Investing (SRI)</strong> into their investment process since 2014 and manages roughly USD 21bn in assets under management (as of end June 2024) in sustainable strategies. </div> </div> </div> </div> </div> <div class="section-remark"> *Source: Allianz Global Investors, as of June 2024. Figures are rounded. </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper intro-text-container columns--positive " data-component="intro-text"> <div class="l-container l-container--no-gutters"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light"></h2> <p class="c-copy u-text-center domain u-margin-bottom-none"><p style="font-size: 16px; line-height: 24px; text-align: center; margin-top: -50px;"> The Systematic Equity team consists of 18 investment professionals and is organized in the Portfolio Management, Research, and Sustainable Investing groups. With its considerable number of PhDs, the team has strong academic credentials, while diversity of thought has always been key to our success. As such, the team comprises members with backgrounds in finance and economics as well as engineering, mathematics, and physics. Many have long-standing industry experience and have been with the team for a long time – over eight years on average, but several have been with the team for a decade or two. </p> <p style="font-size: 16px; line-height: 24px; text-align: center; margin-bottom: -50px;"> The team is led by Dr. Michael Heldmann, CIO Systematic Equity: </p></p> </div> </div> </div> </div> </div> <div class="l-container c-expert-team-card " data-size='1' data-location-size="3" data-url="/en/sitecore/content/shared-data/shared-site-content/capability-landing/systematic-equity/team-container/michael-heldmann-cfa" data-component="Team-Module"> <div class="l-grid u-margin-top-xl u-margin-bottom-xl"> <div class="l-grid__row"> <div class="l-grid__column-large-4 l-grid__column-medium-6 offset-large-1"> <div class="c-expert-team-card__avatars"> <div class="c-expert-team-card__avatar"> <a href="/en/sitecore/content/shared-data/shared-site-content/capability-landing/systematic-equity/experts-container/michael-heldmann" title="Dr. Michael Heldmann, CFA "> <div class="c-expert-team-card__image"> <figure class="c-image c-image--rounded "> <img class="c-image__img" src='/-/media/allianzgi/shared/management-profiles/heldmann-michael/heldmann-michael-368x368.jpg?rev=aa461c80e8be44598d887d2db3706551&hash=3B847BFF17DF3F7090F22877C24BBCC7' alt="Michael Heldmann" title="Dr. Michael Heldmann, CFA "> </figure> </div> <p class="c-copy c-copy--small u-margin-bottom-none c-expert-team-card__name"> Dr. Michael Heldmann, CFA </p> </a> </div> </div> </div> <div class="l-grid__column-large-6 l-grid__column-medium-6"> <h4 class="c-heading u-margin-bottom-m u-text-weight-regular"> Dr. Michael Heldmann, CFA </h4> <p class="c-copy u-margin-bottom-m"> </p> <p class="c-copy u-margin-bottom-2m"> Dr. Michael Heldmann is the CIO of the Systematic Equity team. Prior to being named CIO of the overall Systematic Equity platform, he was CIO Systematic Equity US and based in San Francisco. Previously, he also managed Best Styles Emerging Markets and Best Styles Europe Equity products. Before joining the Systematic Equity team, he worked for the international laboratory CERN, Geneva, Switzerland as a researcher in the field of particle physics. <br /><br /> He obtained a master’s degree in Physics from the University of Mainz, Germany and a PhD from the University of Freiburg, Germany. He is a CFA charterholder. </p> <p class="c-pullquote c-pullquote--text u-margin-bottom-m"> </p> <div class="c-link-row u-margin-top-2m"> <a class="c-link c-link--block c-link-row__link c-link--icon" href='/en/sitecore/content/shared-data/shared-site-content/capability-landing/systematic-equity/team-container/michael-heldmann-cfa' aria-label="View Details"> <span aria-hidden="true" class="c-link__icon c-icon c-icon--arrow-right"></span> <span class="c-link__text">View Details</span> </a> </div> </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper one-column columns--positive " data-component="MultiColumnWrapper"> <div class="l-container l-container--no-gutters u-margin-top-m u-padding-top-m u-padding-bottom-m"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> </div> </div> <div class="l-grid__row align-items-stretch"> <div class="c-agi-teaser align-tiles-imagetoLeft tile--negative teaser--50-50" aria-label="Interview with Dr Michael Heldmann" data-track-info='{"event":"TeaserTile","interaction":"impression","bannerName":"Interview with Dr Michael Heldmann"}'> <div class="c-agi-teaser__image t-bg-rich-blue" aria-hidden="true"> <a href="/en/insights/outlook-and-commentary/interview-with-dr-michael-heldmann" target="_blank" data-track="teaserClick" data-track-info='{"event":"TeaserTile","interaction":"click","bannerName":"Interview with Dr Michael Heldmann"}'> <figure class="c-image c-image--1dot8by1"> <img src="/-/media/allianzgi/globalagi/editorial/interview-with-dr-michael-heldmann/1920x980-interview-with-dr-michael-heldmann-hero.jpg?rev=477c550a0389475eb59b57153f43bc81&la=en&h=980&w=1920&hash=8E41DA49431A4B679C1094DDF6452629" class="c-image__img" alt="" /> </figure> </a> </div> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-rich-blue"> <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'> Interview with Dr Michael Heldmann </h3> <p class="c-copy c-agi-tile__text"> Looking back at 25 years of Best Styles, Dr Michael Heldmann, CIO Systematic Equity, delves into the history of the strategy’s fundamental milestones and its evolution over time, underpinned by rigorous proprietary research and thoughtful innovation, as well as its ongoing development and the successful incorporation of Artificial Intelligence. </p> <a class="c-link c-link--block c-link--icon" href="/en/insights/outlook-and-commentary/interview-with-dr-michael-heldmann" aria-label="Discover more" data-track="teaserClick" data-track-info='{"event":"TeaserTile","interaction":"click","bannerName":"Interview with Dr Michael Heldmann"}'> <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-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper intro-text-container columns--positive t-bg-vibrant-royal-lightest" data-component="intro-text"> <div class="l-container l-container--no-gutters"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light">Research</h2> <p class="c-copy u-text-center domain u-margin-bottom-none"><p style="font-size: 16px; line-height: 24px; text-align: center; margin-top: 0px;"> Academic research has been the foundation of factor investing. The understanding that there is more to returns of investment portfolios than “skill”, and the understanding that there is structure to equity market returns, has improved the ability of investors and asset owners alike to make good investment decisions. </p> <p style="font-size: 16px; line-height: 24px; text-align: center; margin-bottom: 0px;"> Since the origins of the Best Styles strategy in 1999, the Systematic Equity team has remained at the forefront of quantitative investing, conducting their own research and enhancing their investment process. </p> <p style="font-size: 16px; line-height: 24px; text-align: center; margin-bottom: -16px;"> While the targeted investment styles have broadly remained the same, much has changed under the hood. And while the team has enjoyed much success, they have also navigated market turmoil and overcome challenging periods – by constantly innovating, but also by sticking to their conviction in the foundations of the approach. </p></p> </div> </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper three-column columns--positive " data-component="MultiColumnWrapper"> <div class="l-container l-container--no-gutters u-margin-top-m u-padding-top-m u-padding-bottom-m"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light">Sustainability</h2> <p class="c-copy u-text-center domain"><p style="font-size: 16px; line-height: 24px; text-align: center; margin-top: 0px;"> As part of a global asset manager with ambitious sustainability goals and to appropriately service the demand of our clients for sustainable investment solutions , the Systematic Equity team has built their Sustainable and Responsible Investing (SRI) credentials by including SRI elements in client portfolios since 2014 and developing products that meet regulatory requirements such as Article 8 funds. </p> <p style="font-size: 16px; line-height: 24px; text-align: center; margin-bottom: -16px; font-weight: 700;"> Three core elements underpinning our standard SRI methodology: </p></p> </div> </div> <div class="l-grid__row align-items-stretch"> <div class="c-agi-teaser align-tiles-imagetoLeft tile--positive teaser--50-50" aria-label="" data-track-info=''> <div class="c-agi-teaser__content"> <div class="c-agi-tile "> <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'> </h3> <p class="c-copy c-agi-tile__text"> <p style="text-align: center;"> <img src="/-/media/allianzgi/shared/systematic-equity/systematic-equity-sustainability-icon-1.svg?rev=77523af813364bb6ab5f35a7186ddc5e&hash=5E3A6E97E7F76E00790A900823C9B080" style="width: 70px; height: 70px;" alt="icon of number one in a green circle" /> </p> <p style="font-size: 16px; line-height: 24px; text-align: center; color: #275D38; font-weight: 600;"> Best-in-Class selection </p> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Excludes companies with weakest SRI Rating compared to peers </p> </p> </div> <div class="c-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> <div class="c-agi-teaser align-tiles-imagetoLeft tile--positive teaser--50-50" aria-label="" data-track-info=''> <div class="c-agi-teaser__content"> <div class="c-agi-tile "> <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'> </h3> <p class="c-copy c-agi-tile__text"> <p style="text-align: center;"> <img src="/-/media/allianzgi/shared/systematic-equity/systematic-equity-sustainability-icon-2.svg?rev=77bf4de0a9cb45059129188b169fecfc&hash=F48166F12B4B6D0547138B2CEFB8DC40" style="width: 70px; height: 70px;" alt="icon of number two in a green circle" /> </p> <p style="font-size: 16px; line-height: 24px; text-align: center; color: #275D38; font-weight: 600;"> Exclusions </p> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Companies with controversies regarding international norms & controversial business activities </p> </p> </div> <div class="c-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> <div class="c-agi-teaser align-tiles-imagetoLeft tile--positive teaser--50-50" aria-label="" data-track-info=''> <div class="c-agi-teaser__content"> <div class="c-agi-tile "> <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'> </h3> <p class="c-copy c-agi-tile__text"> <p style="text-align: center;"> <img src="/-/media/allianzgi/shared/systematic-equity/systematic-equity-sustainability-icon-3.svg?rev=cfa8b1df06e7427a93556695b01ab998&hash=F090EEEA5FD6B50E175AEFEEEF549C65" style="width: 70px; height: 70px;" alt="icon of number three in a green circle" /> </p> <p style="font-size: 16px; line-height: 24px; text-align: center; color: #275D38; font-weight: 600;"> Sustainability targets </p> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Consideration of further sustainability metrics </p> </p> </div> <div class="c-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper three-column columns--positive " data-component="MultiColumnWrapper"> <div class="l-container l-container--no-gutters u-margin-top-m u-padding-top-m u-padding-bottom-m"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <p class="c-copy u-text-center domain"><p style="font-size: 16px; line-height: 24px; text-align: center; margin-top: -180px;"> With the creation of the Best Styles SRI strategies in 2019, the Systematic Equity team has launched a comprehensive solution for SRI investing: </p> </p> </div> </div> <div class="l-grid__row align-items-stretch"> <div class="c-agi-teaser align-tiles-imagetoLeft tile--negative teaser--50-50" aria-label="" data-track-info=''> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-rich-green-light"> <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'> </h3> <p class="c-copy c-agi-tile__text"> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Best-in-Class screening with sector and regional diversification in mind </p> </p> </div> <div class="c-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> <div class="c-agi-teaser align-tiles-imagetoLeft tile--negative teaser--50-50" aria-label="" data-track-info=''> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-rich-green-light"> <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'> </h3> <p class="c-copy c-agi-tile__text"> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Different levels of exclusions targeting more and more demanding requirements </p> </p> </div> <div class="c-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> <div class="c-agi-teaser align-tiles-imagetoLeft tile--negative teaser--50-50" aria-label="" data-track-info=''> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-rich-green-light"> <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'> </h3> <p class="c-copy c-agi-tile__text"> <p style="font-size: 16px; line-height: 24px; text-align: center;"> Portfolio level SRI targets that can be effectively managed within a systematic approach </p> </p> </div> <div class="c-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="l-container--full-width multi-column-wrapper two-column columns--positive " data-component="MultiColumnWrapper"> <div class="l-container l-container--no-gutters u-margin-top-m u-padding-top-m u-padding-bottom-m"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <p class="c-copy u-text-center domain"><p style="font-size: 16px; line-height: 24px; text-align: center; margin-top: -160px;"> SRI elements can be added to traditionally managed Systematic Equity portfolios to meet client needs, including Best-in-Class approaches and customized exclusions. </p> </p> </div> </div> <div class="l-grid__row align-items-stretch"> </div> </div> </div> </div> <section class="component facts-figurs l-container l-container--no-gutters" data-component="FactsNFigures"> <div class="l-grid u-margin-top-l u-margin-bottom-l"> <div class="l-grid__row"> <div class="l-grid__column-medium-8 offset-medium-2 u-text-align-center"> <h3 class='c-heading u-margin-bottom-m'> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light">Our Systematic Equity strategies</h2> </h3> <div class="c-copy agi-rte"> </div> </div> </div> <div class="l-grid__row"> <div class="l-grid__column-medium-10 offset-medium-1"> <div id="b7019d8d-2949-46ac-9ab6-fd54bca857ab_accordiongroup" class="c-agi-accordion js-agi-accordion" data-settings="ExpandAll"> <div id="Tab1-Best-Styles" class="c-agi-accordion__item "> <button id="8c1fd697-8b35-4144-8f5a-ee5b8678efe5_button" aria-controls="1" class="c-agi-accordion__button u-text-weight-regular" data-track="factFigures" data-track-info="{'factName':'Best Styles ','component':'Fact N Figure accordion'}"> <img class="c-agi-accordion__icon c-icon" src="/-/media/allianzgi/shared/factsnfigures-icon/new-icons/icon-winner.svg?w=24&rev=576a66e84fb64cfa99d8612b48f750bf&hash=DD0260E10C8ACCCB8EE2EC7E535472FC" style="width:24px;"> <span> <strong>Best Styles</strong> </span> </button> <div id="1" class="c-agi-accordion__content agi-rte c-copy u-margin-bottom-0" role="region" aria-labelledby="8c1fd697-8b35-4144-8f5a-ee5b8678efe5_button"> Best Styles comprises global and regional (US, Europe, Pacific, Emerging Markets) multi-factor strategies. Portfolios are diversified and managed benchmark-relative and with tight risk controls. </div> </div> <div id="Tab2-Best-Styles-SRI" class="c-agi-accordion__item "> <button id="523b2873-3176-4924-a5b0-2da21d5f4dc8_button" aria-controls="2" class="c-agi-accordion__button u-text-weight-regular" data-track="factFigures" data-track-info="{'factName':'Best Styles SRI (Sustainable and Responsible Investing) ','component':'Fact N Figure accordion'}"> <img class="c-agi-accordion__icon c-icon" src="/-/media/allianzgi/shared/factsnfigures-icon/new-icons/ecosystem-trees.svg?w=24&rev=72552bdffd3a4de4b73e25cba51c80c1&hash=10A2CC1E0762080753B4920B4FE17469" style="width:24px;"> <span> <strong>Best Styles SRI (Sustainable and Responsible Investing)</strong> </span> </button> <div id="2" class="c-agi-accordion__content agi-rte c-copy u-margin-bottom-0" role="region" aria-labelledby="523b2873-3176-4924-a5b0-2da21d5f4dc8_button"> Best Styles SRI applies the Best Styles approach to a Best-in-Class sustainable investment universe. In addition, specific SRI restrictions and sustainability targets are considered. </div> </div> <div id="Tab3-Best-Styles-Climate-Transition" class="c-agi-accordion__item "> <button id="3f03e622-e021-421b-bbef-0f6dc0c83940_button" aria-controls="3" class="c-agi-accordion__button u-text-weight-regular" data-track="factFigures" data-track-info="{'factName':'Best Styles Climate Transition ','component':'Fact N Figure accordion'}"> <img class="c-agi-accordion__icon c-icon" src="/-/media/allianzgi/shared/factsnfigures-icon/new-icons/climate.svg?w=24&rev=c33dc93c743d47b28d93ffc3e2c2e361&hash=CFCF765C557734600F31E35B111367EB" style="width:24px;"> <span> <strong>Best Styles Climate Transition</strong> </span> </button> <div id="3" class="c-agi-accordion__content agi-rte c-copy u-margin-bottom-0" role="region" aria-labelledby="3f03e622-e021-421b-bbef-0f6dc0c83940_button"> Combining the Best Styles approach with a climate focus, the strategy implements decarbonization requirements, promotes ambitious climate targets, emphasizes firms with green products and services, and conducts climate risk assessment for impactful and holistic climate-conscious investing. </div> </div> <div id="Tab4-SDG" class="c-agi-accordion__item "> <button id="9f3a8a3c-0f4d-4aa2-80a3-faa53597d71c_button" aria-controls="4" class="c-agi-accordion__button u-text-weight-regular" data-track="factFigures" data-track-info="{'factName':'SDG (Sustainable Development Goals) ','component':'Fact N Figure accordion'}"> <img class="c-agi-accordion__icon c-icon" src="/-/media/allianzgi/shared/factsnfigures-icon/new-icons/nature-leaf.svg?w=24&rev=8fd1c5cc04544b048fe6eb40be077d4a&hash=2588857D771D37AE95301382A868CDA7" style="width:24px;"> <span> <strong>SDG (Sustainable Development Goals)</strong> </span> </button> <div id="4" class="c-agi-accordion__content agi-rte c-copy u-margin-bottom-0" role="region" aria-labelledby="9f3a8a3c-0f4d-4aa2-80a3-faa53597d71c_button"> Investment strategy focused on companies contributing to the UN Sustainable Development Goals (SDG) to support a more sustainable economy and capture long-term value creation opportunities. The strategy is underpinned by stringent, systematic risk management and active security selection. </div> </div> <div id="Tab5-Managed-Volatility" class="c-agi-accordion__item "> <button id="16bd56e1-459c-4de3-b907-74dd0ee2cee4_button" aria-controls="5" class="c-agi-accordion__button u-text-weight-regular" data-track="factFigures" data-track-info="{'factName':'Managed Volatility ','component':'Fact N Figure accordion'}"> <img class="c-agi-accordion__icon c-icon" src="/-/media/allianzgi/shared/factsnfigures-icon/new-icons/portfolio-adjustments.svg?w=24&rev=f847e1d4ae3f4d36b902ee7e9e41ed8c&hash=94F31830AAFB489EC9840430F15D3C38" style="width:24px;"> <span> <strong>Managed Volatility</strong> </span> </button> <div id="5" class="c-agi-accordion__content agi-rte c-copy u-margin-bottom-0" role="region" aria-labelledby="16bd56e1-459c-4de3-b907-74dd0ee2cee4_button"> The Managed Volatility strategy applies the principles of Best Styles with a Minimum Volatility benchmark as a starting point. </div> </div> <div id="Tab6-Dividends" class="c-agi-accordion__item "> <button id="894b40b3-f55a-4b60-a0cc-9da4a2083b07_button" aria-controls="6" class="c-agi-accordion__button u-text-weight-regular" data-track="factFigures" data-track-info="{'factName':'Dividends ','component':'Fact N Figure accordion'}"> <img class="c-agi-accordion__icon c-icon" src="/-/media/allianzgi/shared/factsnfigures-icon/new-icons/percent.svg?w=24&rev=fb441eccadc8415abf4812aa4f95216f&hash=B87CD39E72D8E95A0340B9273B8FD356" style="width:24px;"> <span> <strong>Dividends</strong> </span> </button> <div id="6" class="c-agi-accordion__content agi-rte c-copy u-margin-bottom-0" role="region" aria-labelledby="894b40b3-f55a-4b60-a0cc-9da4a2083b07_button"> High Dividend strategies center upon the conviction that a diversified dividend exposure combined with long-term successful risk premiums like Value and Revisions can achieve a high and stable income as well as attractive performance. </div> </div> <div id="Tab7-Enhanced-Indexation" class="c-agi-accordion__item "> <button id="fd96a3dd-d36d-489a-9f08-23c4650da211_button" aria-controls="7" class="c-agi-accordion__button u-text-weight-regular" data-track="factFigures" data-track-info="{'factName':'Enhanced Indexation ','component':'Fact N Figure accordion'}"> <img class="c-agi-accordion__icon c-icon" src="/-/media/allianzgi/shared/factsnfigures-icon/new-icons/performance-line-graph.svg?w=24&rev=74df64910e5844e2b8448e133c4cddef&hash=BAD7F37DFF8127DE57E0FB1012623BB1" style="width:24px;"> <span> <strong>Enhanced Indexation</strong> </span> </button> <div id="7" class="c-agi-accordion__content agi-rte c-copy u-margin-bottom-0" role="region" aria-labelledby="fd96a3dd-d36d-489a-9f08-23c4650da211_button"> Enhanced Indexation combines the benefits of Best Styles or Best Styles SRI, with even tighter risk controls. </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"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light" style="margin-bottom: 40px; text-align: center;"> Glossary of Investment Styles </h2> <table class="glossary-table"> <tr class="body-one"> <td class="blue-text">Value</td> <td>"Cheap" stocks with attractive valuations, often "out of favour" or "contrarian". Inputs: Price/Earnings, Price/Book, Dividend Yield, ...</td> </tr> <tr class="body-one"> <td class="blue-text">Momentum</td> <td>Stocks with strong recent performance, with a positive trend or "in favour". Inputs: Deep Learning Momentum, Price Momentum, Relative Strength, ...</td> </tr> <tr class="body-one"> <td class="blue-text">Revisions</td> <td>Stocks of companies whose earnings have been positively revised by sell-side analysts. Inputs: Earnings Call Transcripts, Earnings Revisions, Earnings Surprise, ...</td> </tr> <tr class="body-one"> <td class="blue-text">Growth</td> <td>Stocks with positive growth, especially a history of delivered, i.e., stable growth. Inputs: Earnings Growth, Dividend Growth, ...</td> </tr> <tr class="body-one"> <td class="blue-text">Quality</td> <td>Financially strong stocks with high profitability, high balance sheet quality, etc.</td> </tr> </table> </div> </div> <div class="l-container--full-width multi-column-wrapper three-column columns--positive " data-component="MultiColumnWrapper"> <div class="l-container l-container--no-gutters u-margin-top-m u-padding-top-m u-padding-bottom-m"> <div class="l-grid u-margin-top-m u-margin-bottom-m"> <div class="l-grid__row"> <div class="l-grid__column"> <h2 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light">Quick links</h2> </div> </div> <div class="l-grid__row align-items-stretch"> <div class="c-agi-teaser align-tiles-imagetoLeft tile--positive teaser--50-50" aria-label="Capabilities - Equity" data-track-info='{"event":"TeaserTile","interaction":"impression","bannerName":"Capabilities - Equity"}'> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-vibrant-royal-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'> Capabilities - Equity </h3> <p class="c-copy c-agi-tile__text"> </p> <a class="c-link c-link--block c-link--icon" href="/en/capability-landing/equity" target="" aria-label="Discover more" data-track="teaserClick" data-track-info='{"event":"TeaserTile","interaction":"click","bannerName":"Capabilities - Equity"}'> <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-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> <div class="c-agi-teaser align-tiles-imagetoLeft tile--positive teaser--50-50" aria-label="Navigating rates" data-track-info='{"event":"TeaserTile","interaction":"impression","bannerName":"Navigating rates"}'> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-vibrant-royal-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'> Navigating rates </h3> <p class="c-copy c-agi-tile__text"> </p> <a class="c-link c-link--block c-link--icon" href="/en/investable-themes/rates" target="" aria-label="Discover more" data-track="teaserClick" data-track-info='{"event":"TeaserTile","interaction":"click","bannerName":"Navigating rates"}'> <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-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> <div class="c-agi-teaser align-tiles-imagetoLeft tile--positive teaser--50-50" aria-label="Outlook & commentary" data-track-info='{"event":"TeaserTile","interaction":"impression","bannerName":"Outlook & commentary"}'> <div class="c-agi-teaser__content"> <div class="c-agi-tile t-bg-vibrant-royal-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'> Outlook & commentary </h3> <p class="c-copy c-agi-tile__text"> </p> <a class="c-link c-link--block c-link--icon" href="/en/insights/outlook-and-commentary" target="" aria-label="Discover more" data-track="teaserClick" data-track-info='{"event":"TeaserTile","interaction":"click","bannerName":"Outlook & commentary"}'> <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-copy c-copy--medium c-agi-tile__author c-taglist"> </div> </div> </div> </div> </div> </div> </div> </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"> <p class="note-one" style="margin-top: 32px;"><strong>Investing involves risk</strong>. The value of an investment and the income from it will fluctuate and investors may not get back the principal invested. Past performance is not indicative of future performance. This is a marketing communication. It is for informational purposes only. This document does not constitute investment advice or a recommendation to buy, sell or hold any security and shall not be deemed an offer to sell or a solicitation of an offer to buy any security. </p> <p class="note-one"> The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of publication. Certain data used are derived from various sources believed to be reliable, but the accuracy or completeness of the data is not guaranteed and no liability is assumed for any direct or consequential losses arising from their use. The duplication, publication, extraction or transmission of the contents, irrespective of the form, is not permitted. </p> <p class="note-one"> This material has not been reviewed by any regulatory authorities. In mainland China, it is for Qualified Domestic Institutional Investors scheme pursuant to applicable rules and regulations and is for information purpose only. This document does not constitute a public offer by virtue of Act Number 26.831 of the Argentine Republic and General Resolution No. 622/2013 of the NSC. This communication's sole purpose is to inform and does not under any circumstance constitute promotion or publicity of Allianz Global Investors products and/or services in Colombia or to Colombian residents pursuant to part 4 of Decree 2555 of 2010. This communication does not in any way aim to directly or indirectly initiate the purchase of a product or the provision of a service offered by Allianz Global Investors. Via reception of his document, each resident in Colombia acknowledges and accepts to have contacted Allianz Global Investors via their own initiative and that the communication under no circumstances does not arise from any promotional or marketing activities carried out by Allianz Global Investors. Colombian residents accept that accessing any type of social network page of Allianz Global Investors is done under their own responsibility and initiative and are aware that they may access specific information on the products and services of Allianz Global Investors. This communication is strictly private and confidential and may not be reproduced. This communication does not constitute a public offer of securities in Colombia pursuant to the public offer regulation set forth in Decree 2555 of 2010. This communication and the information provided herein should not be considered a solicitation or an offer by Allianz Global Investors or its affiliates to provide any financial products in Brazil, Panama, Peru, and Uruguay. In Australia, this material is presented by Allianz Global Investors Asia Pacific Limited ("AllianzGI AP") and is intended for the use of investment consultants and other institutional/professional investors only, and is not directed to the public or individual retail investors. AllianzGI AP is not licensed to provide financial services to retail clients in Australia. AllianzGI AP is exempt from the requirement to hold an Australian Foreign Financial Service License under the Corporations Act 2001 (Cth) pursuant to ASIC Class Order (CO 03/1103) with respect to the provision of financial services to wholesale clients only. AllianzGI AP is licensed and regulated by Hong Kong Securities and Futures Commission under Hong Kong laws, which differ from Australian laws. </p> <p class="note-one"> This document is being distributed by the following Allianz Global Investors companies: Allianz Global Investors U.S. LLC, an investment adviser registered with the U.S. Securities and Exchange Commission; Allianz Global Investors Distributors LLC, distributor registered with FINRA, is affiliated with Allianz Global Investors U.S. LLC; Allianz Global Investors GmbH, an investment company in Germany, authorized by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin); Allianz Global Investors (Schweiz) AG; in HK, by Allianz Global Investors Asia Pacific Ltd., licensed by the Hong Kong Securities and Futures Commission;; in Singapore, by Allianz Global Investors Singapore Ltd., regulated by the Monetary Authority of Singapore [Company Registration No. 199907169Z]; in Japan, by Allianz Global Investors Japan Co., Ltd., registered in Japan as a Financial Instruments Business Operator [Registered No. The Director of Kanto Local Finance Bureau (Financial Instruments Business Operator), No. 424], Member of Japan Investment Advisers Association, the Investment Trust Association, Japan and Type II| Financial Instruments Firms Association; in Taiwan, by Allianz Global Investors Taiwan Ltd., licensed by Financial Supervisory Commission in Taiwan; and in Indonesia, by PT. Allianz Global Investors Asset Management Indonesia licensed by Indonesia Financial Services Authority (OJK). </p> <p class="note-one"> 2300293 </p> </div> </div> </main>  <div class="l-container l-container--full-width t-bg-rich-blue-lightest" data-component="pre-footer" aria-hidden="true"> <div class="l-grid l-grid--max-width"> <div class="l-grid__row"> <div class="l-grid__column-12"> <div class="c-pre-footer"> </div> </div> </div> </div> </div> <div class="l-container l-container--full-width footer" data-component="footer"> <footer class="c-footer"> <div class="c-footer__container"> <div class="c-footer__navigation u-padding-bottom-4m"> <div class="l-grid l-grid--max-width u-background-inherit"> <div class="l-grid__row"> <div class="l-grid__column-medium-4"> <h6 class="c-heading c-footer__navigation-headline c-heading--subsection-xsmall"> <a href="/en/our-firm" >Our firm</a> </h6> <ul class="c-footer__navigation-list"> <li class="c-footer__navigation-item"> <a href="/en/our-firm/what-we-do" class="c-footer__navigation-link c-link" data-track="footer" >What we do</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/our-history" class="c-footer__navigation-link c-link" data-track="footer" >Our history</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/our-culture" class="c-footer__navigation-link c-link" data-track="footer" >Our culture</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/inclusion-diversity" class="c-footer__navigation-link c-link" data-track="footer" >Diversity, equity & inclusion</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/corporate-responsibility" class="c-footer__navigation-link c-link" data-track="footer" >Corporate responsibility</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/art-on-climate" class="c-footer__navigation-link c-link" data-track="footer" >Art on climate</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/sponsorships-partnerships" class="c-footer__navigation-link c-link" data-track="footer" >Sponsorships & Partnerships</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/leadership" class="c-footer__navigation-link c-link" title="Our leadership team" data-track="footer">Our leadership team</a> </li> <li class="c-footer__navigation-item"> <a href="/en/our-firm/our-offices" class="c-footer__navigation-link c-link" title="Our offices" data-track="footer">Our offices</a> </li> </ul> </div> <div class="l-grid__column-medium-4"> <h6 class="c-heading c-footer__navigation-headline c-heading--subsection-xsmall"> <a href="/en/insights" >Insights</a> </h6> <ul class="c-footer__navigation-list"> <li class="c-footer__navigation-item"> <a href="/en/insights/allianz-global-investors-academy" class="c-footer__navigation-link c-link" data-track="footer" >Allianz Global Investors Academy</a> </li> <li class="c-footer__navigation-item"> <a href="/en/insights/outlook-and-commentary" class="c-footer__navigation-link c-link" data-track="footer" >Outlook & commentary </a> </li> <li class="c-footer__navigation-item"> <a href="/en/insights/sustainability-blog" class="c-footer__navigation-link c-link" title="Sustainability Now" data-track="footer">Sustainability Now</a> </li> <li class="c-footer__navigation-item"> <a href="/en/insights/the-china-briefing" class="c-footer__navigation-link c-link" title="The China Briefing" data-track="footer">The China Briefing</a> </li> <li class="c-footer__navigation-item"> <a href="/en/insights/two-minute-tech" class="c-footer__navigation-link c-link" title="Two-Minute Tech" data-track="footer">Two-Minute Tech</a> </li> <li class="c-footer__navigation-item"> <a href="/en/investable-themes" class="c-footer__navigation-link c-link" data-track="footer" >Investable Themes</a> </li> <li class="c-footer__navigation-item"> <a href="/en/investable-themes/rates" class="c-footer__navigation-link c-link" data-track="footer" >Navigating Rates</a> </li> <li class="c-footer__navigation-item"> <a href="/en/investable-themes/disruption" class="c-footer__navigation-link c-link" data-track="footer" >Embracing Disruption</a> </li> <li class="c-footer__navigation-item"> <a href="/en/investable-themes/sustainability" class="c-footer__navigation-link c-link" data-track="footer" >Achieving Sustainability</a> </li> </ul> </div> <div class="l-grid__column-medium-4"> <h6 class="c-heading c-footer__navigation-headline c-heading--subsection-xsmall"> <a href="/en/capability-landing" >Capabilities</a> </h6> <ul class="c-footer__navigation-list"> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/equity" class="c-footer__navigation-link c-link" data-track="footer" >Equity</a> </li> <li class="c-footer__navigation-item"> <a href="/en/investable-themes/china" class="c-footer__navigation-link c-link" data-track="footer" >- China Investing</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/equity/systematic-equity" class="c-footer__navigation-link c-link" data-track="footer" >- Systematic Equity</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/fixed-income" class="c-footer__navigation-link c-link" data-track="footer" >Fixed Income</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/multi-asset" class="c-footer__navigation-link c-link" data-track="footer" >Multi Asset</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/private-markets" class="c-footer__navigation-link c-link" data-track="footer" >Private Markets</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/digital-investment-solutions" class="c-footer__navigation-link c-link" data-track="footer" >Digital Investment Solutions</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/development-finance" class="c-footer__navigation-link c-link" data-track="footer" >Development Finance</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/research" class="c-footer__navigation-link c-link" data-track="footer" >Research</a> </li> <li class="c-footer__navigation-item"> <a href="/en/capability-landing/risklab" class="c-footer__navigation-link c-link" data-track="footer" >risklab</a> </li> </ul> </div> <div class="l-grid__column-medium-4"> <h6 class="c-heading c-footer__navigation-headline c-heading--subsection-xsmall"> <a href="/en/sustainability" >Sustainability</a> </h6> <ul class="c-footer__navigation-list"> <li class="c-footer__navigation-item"> <a href="/en/sustainability/sustainable-investing" class="c-footer__navigation-link c-link" data-track="footer" >Sustainable Investing</a> </li> <li class="c-footer__navigation-item"> <a href="/en/sustainability/insights-on-sustainable-investing" class="c-footer__navigation-link c-link" data-track="footer" >Sustainability Insights</a> </li> <li class="c-footer__navigation-item"> <a href="/en/sustainability/policies-and-reporting" class="c-footer__navigation-link c-link" data-track="footer" >Policies and Reporting</a> </li> <li class="c-footer__navigation-item"> <a href="/en/sustainability/sustainability-report-2023" class="c-footer__navigation-link c-link" data-track="footer" >Sustainability and Stewardship Report 2023</a> </li> </ul> </div> <div class="l-grid__column-medium-4"> <h6 class="c-heading c-footer__navigation-headline c-heading--subsection-xsmall"> <a href="/en/press-centre" >Press centre</a> </h6> <ul class="c-footer__navigation-list"> </ul> </div> </div> </div> </div> <div class="c-footer__social u-hidden-small-down u-margin-top-l" data-optanoncategory="4"> <a class="c-footer__social-link" href="https://www.youtube.com/user/internetteamagi?feature=results_main" title="YouTube" aria-label="YouTube" target="_blank"><i class="c-icon c-icon--2x c-icon--Youtube2" aria-hidden="true"></i></a> <a class="c-footer__social-link" href="https://www.linkedin.com/company/allianz-global-investors" title="LinkedIn" aria-label="LinkedIn" target="_blank"><i class="c-icon c-icon--2x c-icon--LinkedIn" aria-hidden="true"></i></a> </div> <div class="c-footer__tagline u-hidden-small-down l-container"> <div class="u-text-align-center c-copy t-grey-tone-3 agi-rte u-margin-top-l"> <h5><span class="font12" style="font-size: 13px;"><span class="font14"><span class="font16">Allianz Global Investors is comprised of the <a href="/en/affiliates">AllianzGI Affiliated Entities</a> worldwide. Product availability will vary by jurisdiction.</span></span></span></h5> </div> </div> <hr class="c-divider c-divider--compact c-footer__divider" aria-hidden="true" /> <div class="c-footer__service"> <div class="l-grid__row c-footer__logo"> <div class="l-grid__column-12" tabindex="0"> <figure class="c-image "> <img class="c-image__img" alt="useful description of image if informative and not decoration only." src="" /> </figure> </div> </div> <div class="c-footer__legal"> <a href="/en/credits" class="c-footer__legal-link c-link" data-track="footer" >Credits</a><a href="/en/privacy-principles/website" class="c-footer__legal-link c-link" data-track="footer" >Privacy Principles</a><a href="/en/terms-of-use" class="c-footer__legal-link c-link" data-track="footer" >Terms Of Use</a><a href="/en/ariba" class="c-footer__legal-link c-link" data-track="footer" >Ariba Network</a><a href="/en/sitemap" class="c-footer__legal-link c-link" data-track="footer" >Sitemap</a> </div> <div class="c-footer__copyright"> <small class="c-copyright">© Allianz Global Investors GmbH 2024. All Rights Reserved.</small> </div> <div class="c-footer__social u-hidden-medium-up"> <a class="c-footer__social-link" href="https://www.youtube.com/user/internetteamagi?feature=results_main" title="YouTube" aria-label="YouTube" target="_blank"><i class="c-icon c-icon--2x c-icon--Youtube2" aria-hidden="true"></i></a> <a class="c-footer__social-link" href="https://www.linkedin.com/company/allianz-global-investors" title="LinkedIn" aria-label="LinkedIn" target="_blank"><i class="c-icon c-icon--2x c-icon--LinkedIn" aria-hidden="true"></i></a> </div> <div class="c-footer__tagline u-hidden-medium-up"> <div class="u-text-align-center c-copy t-grey-tone-3"> <h5><span class="font12" style="font-size: 13px;"><span class="font14"><span class="font16">Allianz Global Investors is comprised of the <a href="/en/affiliates">AllianzGI Affiliated Entities</a> worldwide. Product availability will vary by jurisdiction.</span></span></span></h5> </div> </div> </div> <section class="component footer-disclosure-content"> <div class="l-container"> <div class="l-grid__row"> <div class="l-grid__column-12 c-copy c-copy--small t-grey-tone-3"> <p> </p> </div> </div> </div> </section> <a class="c-button-crc c-icon c-icon--arrow-up c-button--link back-to-top"></a> </div> </footer> </div> <div class="spinner-wrapper"> <div class="lds-spinner"> <div></div> <div></div> <div></div> <div></div> <div></div> <div></div> <div></div> <div></div> <div></div> <div></div> <div></div> <div></div> </div> </div> <div id="agi-global-overlay-modal" class="component agi-overlay-modal modal fade c-overlay js-overlay" tabindex="0" role="region" data-backdrop="static" data-keyboard="true"> <div class="c-overlay__dialog" role="alertdialog" aria-describedby="globalModalContentId" aria-modal="true" aria-label="modal body"> <span class="c-overlay__close c-icon c-icon--close c-icon--s" data-dismiss="modal" aria-label="Close"></span> <div class="c-overlay__body" id="globalModalContentId"> <div class="l-grid l-grid--no-gutters"> <div class="l-grid__row"> <div class="l-grid__column-12 u-padding-none"> <h3 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light"> <span class="modal-title">Allianz Global Investors</span> </h3> <div class="modal-body c-copy u-text-center u-margin-bottom-5xs"></div> </div> </div> </div> <div class="l-grid__row modal-footer hide"> <div class="l-grid__column-12 u-text-center" data-dismiss="modal"> <button type="button" class="btn-continue c-button c-button--secondary c-overlay__button">Continue</button> <button type="button" class="btn btn-default btn-default-modal c-button c-overlay__button" data-dismiss="modal">Stay Here</button> </div> </div> </div> </div> </div> <div id="externalLinkOverlay" class="c-overlay js-overlay" tabindex="0" role="region" aria-label="External Links Alert"> <div class="c-overlay__dialog" role="alertdialog" aria-describedby="externalLinkModalContentId" aria-modal="true" aria-label="modal body"> <span class="c-overlay__close c-icon c-icon--close c-icon--s" data-dismiss="modal" aria-label="Close"></span> <div id="externalLinkModalContentId" class="c-overlay__body"> <div class="l-grid l-grid--no-gutters"> <div class="l-grid__row"> <div class="l-grid__column-12 u-padding-none"> <h3 class="c-heading u-text-center u-margin-bottom-xs u-text-weight-light"> Allianz Global Investors </h3> <div class="c-copy u-text-center u-margin-bottom-5xs title-pre-text-rebrand"> You are leaving this website and being re-directed to the below website. This does not imply any approval or endorsement of the information by Allianz Global Investors Asia Pacific Limited contained in the redirected website nor does Allianz Global Investors Asia Pacific Limited accept any responsibility or liability in connection with this hyperlink and the information contained herein. Please keep in mind that the redirected website may contain funds and strategies not authorized for offering to the public in your jurisdiction. Besides, please also take note on the redirected website’s terms and conditions, privacy and security policies, or other legal information. By clicking “Continue”, you confirm you acknowledge the details mentioned above and would like to continue accessing the redirected website. Please click “Stay here” if you have any concerns. </div> <p class="c-copy u-text-center"> <span class="domain"></span> </p> </div> </div> <div class="l-grid__row"> <div class="l-grid__column-12 u-text-center" data-dismiss="modal"> <button role="button" class="c-button c-button--secondary c-overlay__button">Stay Here</button> <button role="button" href="#" title="Continue" class="c-button c-overlay__button btn-overlay-close btn-submit">Continue</button> </div> </div> </div> </div> </div> </div> <script>var domainValues = "https://www.allianzgi.com;https://www.allianzglobalinvestors.de;www.allianzglobalinvestors.de;http://www.allianzglobalinvestors.de;https://academy.allianzgi.com;allianzgi.com;;www.allianzgi.com"</script> <div class="l-container agi-overlay-modal modal" id="agi-twitter-overlay" tabindex="-1" role="dialog" data-backdrop="static" data-keyboard="false" data-showmodal="true" data-region="true"> <div id="twitterOverlay" class="c-overlay js-overlay" tabindex="0" role="region" aria-label="Twitter Cookie Preference"> <div class="c-overlay__dialog" role="alertdialog" aria-describedby="twitterModalContentId" aria-modal="true" aria-label="modal body"> <span class="c-overlay__close c-icon c-icon--close c-icon--s" data-dismiss="modal" aria-label="Close"></span> <div id="twitterModalContentId" class="c-overlay__body"> <h4 class="component-title u-text-align-center c-heading c-agi-tile__headline c-heading--link-black"> External Twitter Content </h4> <p class="desc c-copy c-agi-tile__text u-text-align-center agi-rte"> This Twitter component is loaded through Twitter . Google is collecting information about your interaction with this Twitter by using cookies and may use this for targeting their offers. Please accept cookies in order to show the video. </p> <button class="c-button optanon-toggle-display" data-component-id="root/parsys/wrapper/wrapper/onetrust_cookie_sett"> Manage My Cookie Preferences </button> </div> </div> </div> </div><div class="l-container agi-overlay-modal modal" id="agi-rememberme-overlay" tabindex="-1" role="dialog" data-backdrop="static" data-keyboard="false" data-showmodal="true" data-region="true"> <div id="rememberMeOverlay" class="c-overlay js-overlay" tabindex="0" role="region" aria-label="Remember Me Cookie Preference"> <div class="c-overlay__dialog" role="alertdialog" aria-describedby="rememberMeModalContentId" aria-modal="true" aria-label="modal body"> <span class="c-overlay__close c-icon c-icon--close c-icon--s" data-dismiss="modal" aria-label="Close"></span> <div id="rememberMeModalContentId" class="c-overlay__body"> <h4 class="component-title u-text-align-center c-heading c-agi-tile__headline c-heading--link-black"> Remember Me Cookie Dependent Disclosure </h4> <p class="desc c-copy c-agi-tile__text u-text-align-center agi-rte"> This Twitter component is loaded through Twitter . Google is collecting information about your interaction with this Twitter by using cookies and may use this for targeting their offers. Please accept cookies in order to show the video. </p> <button class="c-button optanon-toggle-display" data-component-id="root/parsys/wrapper/wrapper/onetrust_cookie_sett"> Manage My Cookie Preferences </button> </div> </div> </div> </div> <script src="/assets/js/vendor.bundle.js?v=001aae52e2c689f42a0cb249f09a47f0" defer></script> <script src="/assets/js/application.js?v=26bdf778d0b56d82ee95708c8088ac3c" defer></script> <script type="text/javascript" src="//sadmin.brightcove.com/js/BrightcoveExperiences.js" defer></script> </body> </html>

CINXE.COM

Systematic Equity | Allianz Global Investors