Allianz Dyn MltAst Stgy SRI75 A EUR

Analyst Report
Morningstar's Take

by Matias Möttölä, CFA

A robust and time-tested allocation approach and an experienced team back our positive view of Allianz Dynamic Multi Asset SRI funds. This SRI75 fund’s cheapest share class earns a Morningstar Analyst Rating of Silver, while other share classes are rated Bronze and Neutral.This is one of numerous strategies managed by AllianzGI’s retail multi-asset team, whose leader Marcus Stahlhacke has been at the helm since January 2015. The 26-year AllianzGI veteran has multiple other portfolios to tend to as well, but we take comfort in that he can lean on two comanagers, Andreas de Maria Campos and Friedrich Kruse, who both have been named managers on funds since 2015, as well as the deep resources within the firm’s multi-asset team to form asset class views. On top, the multi-asset team can mostly focus on asset allocation and risk management since security selection within stocks and bonds is done by AllianzGI’s well-resourced specialist teams.The fund does not come without risks: The team can push their investment degree to 125% based on a quantitative analysis of market trends and reversals as well as a fundamental analysis by the multi-asset team. They have used this leeway regularly, and it has helped them to outperform peers. On top of an SRI best-in-class equity portfolio with factor tilts and European bonds, the team can add “satellite” positions such as micro-caps and high-yield. In 2021 the team moved from a fixed strategic asset allocation to using volatility bands, and this has allowed broadening the portfolio with new exposures such as commodities.As is typical for processes leaning on trend analysis, this strategy tends to struggle in inflection points. However, strict risk controls force the team to add their cash position after losses, with cash going up to 29% for the SRI 75 fund in March 2022. The team has tended to be quick in moving its chips back into the market after downturns.The best-in-class SRI approach has been in place only since December 2019. At that time the equity portfolio became a bit growthier from a previous value tilt and has maintained that style, but with multiple factors included in the quantitative Best Styles equity process, style drift should remain in check here.

Morningstar Analyst Rating™
To find out how Morningstar rates a fund click here.
Portfolio RoleThis broadly diversified fund can serve as a core holding for an investor with a high risk appetite.
Morningstar Pillars
PeopleAbove Average
Experience and breadth.
ProcessAbove Average
Level of risk can vary considerably based on strength of trend.
Ahead of benchmark in risk-adjusted terms under current lead manager.
Morningstar Analyst RatingMorningstar evaluates funds based on five key pillars, which it's analysts believe lead to funds that are most likely to outperform over the long term on a risk-adjusted basis.
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