This information is based on a representative account taken from the strategy composite. The information is historical and may not reflect current of future characteristics and may vary among individual accounts depending on a variety of factors, including portfolio size, specific investment guidelines and inception dates of individual accounts. This material is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies of the portfolio manager. Securities listed are presented to illustrate companies in which the portfolio may or has invested. Holdings are subject to change daily without notice. Under no circumstances does the information contained herein represent a recommendation to buy or sell securities. Certain projected characteristics (such as the forward P/E ratio) of the representative account and indices shown have been estimated in this material. Estimated data reflect subjective judgments and assumptions and unexpected events may occur. Therefore, there can be no assurance that developments will transpire as forecasted.
Allianz Global Investors Managed Accounts manages the NFJ All 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. 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. Investments in smaller companies may be more volatile than investments in larger companies.
The Russell 3000 Value Index measures the performance of those Russell 3000 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
