Important risk disclosure

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LU1480270997

Allianz Global High Yield Fund (Dist.)(LU1480270997)

Fixed income
High yield
Global
USD Cash
Distributing

Invest with

USD Cash

Payout type

Distributing

Risk rating

About this fund

Description

The Fund aims at long-term capital growth by investing in high yield rated debt securities of global bond markets.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Invests in a globally diversified portfolio of high-yield corporate bonds, aiming to capture income and capital appreciation. Allocates across three distinct buckets: "Core" (healthy issuers, ~70%), "Growth" (improving issuers, ~30%), and "Deep Value" (mispriced opportunities, ~10%).

People

Led by David Newman, CIO of Global High Yield with over three decades of experience, who has managed the strategy since its inception in 2009, and two other Co-PMs. Supported by a global team of over 20 dedicated credit research analysts who facilitate a culture of open debate and rigorous fundamental analysis.

Performance

Targets attractive risk-adjusted returns through a core philosophy of "winning by not losing," typically resulting in a quality bias within its credit rating allocation. Aims to deliver alpha through bottom-up security selection—focusing on industry allocation and improving credits—and top-down macro allocation across markets and credit quality.

Process

Combines top-down global macro views—assessing growth, inflation, and default cycles—with rigorous bottom-up fundamental credit research. Utilizes a proprietary high-yield quantitative filter to identify companies with positive financial, governance, and momentum characteristics. Integrates a disciplined stop-loss process involving a formal committee to reassess investment theses and cap losses on deteriorating positions.

Cost

Endowus offers retail share class with 100% trailer fee rebated back to Endowus investors to achieve lower cost of access.

How it fits in a portfolio

Investors who are interested in gaining active exposure to the global high yield market can consider allocating to this Fund. It could complement other high yield funds well, as generally it maintains a higher quality bias (focusing on "winning by not losing"), an area that balances out the lower-rated (CCC) exposure typical of more aggressive peers. The Fund may provide a diversifying source of income for income-seeking investors who do not already have an allocation to the global high yield market. The Fund, however, is subject to credit and duration risk and can experience heightened volatility in particular during risk-off environments; it is advisable to diversify exposure across asset classes after understanding one's risk tolerance.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this distributing fund, which includes dividends paid out.

Total returns

Cumulative

Annualised

All Time

40.90%

YTD

-1.41%

1 month

-2.43%

6 month

-0.27%

1 year

4.91%

3 year

23.79%

5 year

16.04%

As of Mar 2026

Distributions

5.82%

Frequency

Annually

15 Dec 2025

Yield

5.66%As of Mar 2026

Risk metrics

Max drawdown

-15.99%As of Mar 2026

Volatility

7.81%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.5%	0.5%	-2.4%	-	-	-	-	-	-	-	-	-
2025	7.7%	1.0%	0.9%	-0.7%	-0.0%	1.1%	1.5%	0.8%	1.0%	0.7%	0.2%	0.3%	0.7%
2024	7.8%	0.6%	0.1%	1.2%	-0.5%	1.1%	0.9%	1.3%	1.7%	1.1%	-0.3%	0.5%	-0.1%
2023	10.7%	2.7%	-0.8%	0.4%	0.6%	-0.7%	0.9%	1.5%	0.1%	-1.2%	-1.0%	4.5%	3.3%
2022	-10.7%	-2.5%	-1.8%	-0.7%	-3.1%	-0.1%	-6.7%	4.5%	-1.1%	-4.9%	2.7%	2.7%	0.3%
Load more		5 of 11

Top Exposures

Holdings

Regions

Sectors

2 Year Treasury Note Future June 26 (2026-06-30 Maturity)	5.88%
Euro Schatz Future June 26 (2026-06-08 Maturity)	4.61%
Ford Motor Credit Company LLC 7.35% (2030-03-06 Maturity)	1.04%
Telefonica Europe B V 6.135%	0.99%
Intesa Sanpaolo S.p.A. 4.198% (2032-06-01 Maturity)	0.89%
US Treasury Bond Future June 26 (2026-06-18 Maturity)	0.87%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.41%0.86% p.a.

Save 39%

Fund facts

ISIN

LU1480270997

Fund house

Allianz

Fund size

US$104.6M

As of 22 Apr 2026

Fund inception date

07 Dec 2016

Fund class currency

USD

Oldest share inception date

08 Nov 2016

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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