• Portfolio Managers adhere to a strict value discipline, seeking fundamentally sound foreign companies that are seen as undervalued.
• Employs a disciplined investment process that combines quantitative stock screening with fundamental research.
• Seeks to invest primarily in dividend-paying stocks of non-U.S. companies (generally ADRs); while these stocks are subject to higher risk than domestic stocks, they have historically offered higher dividend yields.
• The Fund's ability to invest up to 50% in emerging markets provides the managers with the flexibility to evaluate higher risk/reward candidates.

• Search for positive fundamentals - Apply a screen for positive fundamental characteristics to a universe of approximately 600 foreign stocks of $1 billion and above, and classify into approximately 60 industries. (The Fund invests primarily in, but is not limited to, ADRs.)
• Conduct in-depth research and analysis - Research each of the remaining 75-100 possible investments, looking for companies with low price-to-earnings multiple, dividend yields, positive prospective earnings and quality operations. 
• Research industry concentrations - Avoid overexposure to any one sector by restricting the number of stocks held in a single industry.
• Construct Portfolio - Select approximately 40-60 of the most attractive securities identified, diversified across industries.  Each holding is expected to pay a dividend.
• Regularly monitor for buy and sell candidates - Continually repeat research process to identify new buy and sell candidates.  Generally, sell a stock when an alternative stock with strong fundamentals demonstrates a lower price-to-earnings ratio, a higher dividend yield, or other qualitative metrics.

Expanding Opportunities Abroad

Investors often focus too heavily on domestic stocks, allowing attractive opportunities abroad to go unnoticed. Allianz NFJ International Value Fund is a convenient way to invest in these undervalued stocks.

Experienced Specialists

NFJ Investment Group has a strong track record and consists of a team of managers dedicated to a pure, deep value approach to equity investing. Each of these professionals participates in the investment process, serving as portfolio manager and securities analyst. This team approach means broader resources are committed to portfolio construction.

Ben Fischer, CFA, is Managing Director and Portfolio Manager of NFJ Investment Group. A founding partner of NFJ, Mr. Fischer's experience in the value sector began in 1966.

Paul Magnuson is a Managing Director and a Portfolio Manager at NFJ. He has worked in equity analysis and portfolio management since 1985. He received his B.B.A. in finance from the University of Nebraska.

R. Burns McKinney, CFA, is a Portfolio Manager who joined NFJ in 2006. His previous investment experience includes equity research and analysis at Evergreen Investments and Merrill Lynch, where he was a Vice President of equity research. He holds an M.B.A. from the Wharton School and a B.A. from Dartmouth.

Thomas W. Oliver, CPA, is a Portfolio Manager who joined NFJ in 2005. Prior to this he was a manager of corporate reporting at Perot Systems, and before that was an auditor with Deloitte & Touche. He is a CPA.

Dallas, Texas

NFJ employs a deep value equity investment style that focuses on dividends, discipline and diversification. Over the years, the firm's strict adherence to this approach has helped it to deliver consistent results for investors with lower-than-average risk.