All information presented is for the model portfolio with the exception of the Top Holdings which is based on composite data. Changes to the portfolio holdings may have been made since the prior quarter and actual account holdings and percentages will vary depending on the size of an account, cash flows, account restrictions, and changes in securities characteristics including price movements and timing of transactions. At any time an individual account managed in this strategy may or may not include securities held by the model portfolio or contained in the composite. Any particular account may have portfolio characteristics and performance that differ from the model portfolio or composite. This material is not an offer or solicitation for the purchase or sale of any financial instrument and does not represent a recommendation. 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. Certain projected characteristics (such as the forward P/E ratio) of the strategies 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.
The model account is a hypothetical portfolio and does not represent actual trading or investment decisions made under real market conditions. As a result, this information cannot completely account for the impact that real market conditions or economic factors would have had on an actual portfolio or on an investment manager's decisions. The securities in the model account represent recommendations as of a specific date and may or may not be included in an actual account. No representation is being made that any account will or is likely to achieve similar composition or performance of the model account.
Allianz Global Investors Managed Accounts manages the OpCap International ADR Value accounts using a model portfolio developed by the sub-advisor Oppenheimer Capital (OpCap) as a guide. While Allianz Global Investors Managed Accounts generally intends to follow OpCap'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. Investing in non-US. securities entails additional risks, including political and economic risk and the risk of currency fluctuations; these risks may be enhanced in emerging markets. 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.
Prior to November 1, 2006, performance data for the MSCI Index was calculated gross of dividend tax withholding. Performance data presently shown for the Index is net of dividend tax withholding. This recalculation results in lower performance for the Index. The MSCI EAFE is an unmanaged index of over 900 companies and is a generally accepted benchmark for major overseas markets.
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
