COMPOSITE RESULTS: All portfolio statistics represent a composite of fully discretionary portfolios of this strategy type currently managed by Allianz Global Investors Managed Accounts. Composite results may not include all accounts. Individual account holdings will vary depending on the size of an account, cash flows and account restrictions. These statistics are representative of how the portfolios in the composite are invested as of the indicated date. Portfolio holdings are subject to change daily. Under no circumstances does the information contained within represent a recommendation to buy or sell securities.
Allianz Global Investors Managed Accounts manages the NFJ Small-Cap Value accounts using a model portfolio developed by the sub-advisor NFJ as a guide. While Allianz Global Investors Managed Accounts generally intends to follow NFJ's recommendations, as the account manager it has the discretion to accept or reject any investment recommendation and to deviate from the model portfolio.
Earnings growth is the percentage increase or decrease from the prior period's earnings. P/E is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio. P/B is a ratio of the current stock price to the book value. This is used to identify undervalued stocks. Beta measures the market related volatility of a portfolio, where the overall market is represented by the S & P 500 for equity portfolios. The beta of the market is 1 by definition. A beta greater than 1 indicates that a portfolio's market risk is greater than the overall market's, while a beta less than 1 indicates a lower market risk. It is important to note that having a low market risk does not necessarily imply low volatility. A portfolio may have a low beta while experiencing volatility as a result of factors independent of the market. Portfolio yield is the weighted average dividend yield of the stocks in the portfolio.
Investing in securities entails risk. Investments in smaller companies may be more volatile than investments in larger companies. When investing in value securities, the market may not necessarily have the same value assessment as the manager, and, therefore, the performance of the securities may decline.
The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
The managed account strategies described in this material are offered by Allianz Global Investors Managed Accounts and are available exclusively through financial professionals. Managed accounts have a minimum asset level and may not be suitable for all investors. For more information about this product, contact your financial advisor. Financial professionals seeking more information should contact their managed accounts department or call their Allianz Global Investors representative. Allianz Global Investors Managed Accounts LLC, 1345 Avenue of the Americas, New York, NY 10105-4800. Investment Products: NOT FDIC INSURED / MAY LOSE VALUE / NOT BANK GUARANTEED
