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Trending ETFs

Name

As of 07/22/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.10

$36 M

1.68%

$0.20

0.55%

Vitals

YTD Return

-22.8%

1 yr return

-11.4%

3 Yr Avg Return

7.3%

5 Yr Avg Return

5.3%

Net Assets

$36 M

Holdings in Top 10

17.2%

52 WEEK LOW AND HIGH

$12.1
$12.03
$18.55

Expenses

OPERATING FEES

Expense Ratio 0.55%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 07/22/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.10

$36 M

1.68%

$0.20

0.55%

ADYFX - Profile

Distributions

  • YTD Total Return -22.8%
  • 3 Yr Annualized Total Return 7.3%
  • 5 Yr Annualized Total Return 5.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.40%
DIVIDENDS
  • Dividend Yield 1.7%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Virtus Global Dynamic Allocation Fund
  • Fund Family Name
    Allianz Funds
  • Inception Date
    Feb 01, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Claudio Marsala

Fund Description

Fund seeks to achieve its investment objective through a combination of active allocation between asset classes and actively managed strategies within those asset classes. The fund allocates its investments among asset classes in response to changing market, economic, and political factors and events that the portfolio managers responsible for allocation believe may affect the value of the fund’s investments. In making investment decisions for the fund, the portfolio managers seek to identify trends and turning points in the global markets. To gain exposure to the various asset classes, the fund incorporates actively managed strategies and/or passive instruments. The fund seeks to achieve its investment objective through active allocation among global equity, fixed income and a range of other asset classes, which the portfolio managers designate as “opportunistic”, together with actively managed strategies within those asset classes. The fund may also invest in affiliated and unaffiliated mutual funds, exchange-traded funds (“ETFs”) and exchange-traded notes, other pooled vehicles and derivative instruments such as futures, among others, as further described below. The fund also seeks to mitigate risk in extremely negative market environments, by decreasing exposure to asset classes, such as equities, experiencing strong downward trends.
The fund invests directly and indirectly in globally diverse equity securities, including emerging market equities, and in U.S. dollar- denominated fixed income securities. The fund’s baseline long-term allocation consists of 60% to global equity exposure (the “Equity Component”) and 40% to fixed income exposure (the “Fixed Income Component”), which is also the allocation of the blended benchmark index against which the fund is managed. The Equity Component can include exposure to equity securities of any market capitalization, any sector and from any country, including emerging markets. The Fixed Income Component primarily consists of U.S. government and government agency debt, U.S. investment grade securities and U.S. securitized debt. The portfolio managers responsible for allocation will typically over- or under-weight the fund against this baseline long-term allocation, depending upon their view of the relative attractiveness of the investment opportunities available, which will change over time. The fund may also use an “Opportunistic Component” whereby it invests up to 30% of its assets on a gross exposure basis in any combination of asset classes outside of the core holdings in the Equity Component or the Fixed Income Component. The particular asset classes represented by investments within the Opportunistic Component are expected to change over time as the portfolio managers identify trends and opportunities. Currently, the portfolio managers focus their Opportunistic Component positions around the following asset classes: emerging market debt, international debt (which may be denominated either in non‑U.S. currencies or in U.S. dollars), high yield debt (commonly known as “junk bonds”), commodities and volatility-linked derivatives. Investments made through dedicated single asset class sleeves of the fund such as fixed income and equity (as described below) are not considered part of the Opportunistic Component, even where the specific type of instrument falls under one of the asset classes listed above as the current focus of the Opportunistic Component. The fund generally expects to gain a significant portion of its exposure to “opportunistic” asset classes indirectly through investments in exchange-traded notes, other investment companies and pooled vehicles, and derivative instruments, although such exposure also may be gained directly. 
The portfolio managers analyze market cycles, economic cycles and valuations across asset classes, which may cause them to adjust the fund’s exposures to individual holdings and asset classes. In determining whether and how to allocate fund assets, they regularly assess the fund’s overall allocations to each strategy and consider the merits of increasing or decreasing the relative balance among asset classes in the portfolio, and may adjust the fund’s allocations to the various asset classes through the use of derivatives and other instruments and investment techniques. 
The portfolio managers also employ a risk management strategy, which may cause an adjustment to the fund’s asset allocation in an effort to mitigate certain downside risks. Under normal circumstances, based on the portfolio managers’ assessment of market conditions, the Equity Component may range between approximately 20% and 100% of the fund’s assets and the Fixed Income Component may range between approximately 0% and 80% of the fund’s assets. Apart from this strategic asset allocation, the fund may use its Opportunistic Component. As a result of its derivative positions, the fund may have gross investment exposures in excess of 100% of its net assets (i.e., the fund may be leveraged) and therefore subject to heightened risk of loss. 
The fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not directly or indirectly own those underlying assets or indices. 
The portfolio managers adjust the fund’s exposure to the Equity Component, the Fixed Income Component, and the Opportunistic Component in response to momentum and momentum reversion signals to increase the return potential in favorable markets. Momentum is the tendency of investments to exhibit persistence in their performance. Momentum reversion is the tendency that a performance trend will ultimately change and move in an opposite direction. The portfolio managers believe negative momentum suggests future periods of negative investment returns and increased volatility, whereas positive momentum suggests future periods of positive investment returns and typical levels of market volatility. When the portfolio managers recognize negative momentum for an asset class, the fund may reduce its exposure to that asset class; and when they recognize positive momentum, the portfolio 
managers may increase exposure. The portfolio managers expect to make use of volatility-linked derivatives to take advantage of differences between realized and implied volatility on a range of asset classes and to hedge risks in the portfolio. 
Within the “Equity” and “Fixed Income” component limits described above, the fund intends to make extensive use of four security selection strategies, namely, Best Styles Global Equity, Best Styles Global Managed Volatility, Global Growth and US Fixed Income – Credit. Each of these strategies is managed by a dedicated portfolio manager or team of portfolio managers in a separate sleeve of the fund. These portfolio managers are not responsible for setting or adjusting the asset allocation of the fund’s portfolio. A description of the investment process used for each of these strategies is set forth below. 
Best Styles Global Equity. This strategy focuses on investments in globally diverse equity securities, including emerging market equities. The Best Styles Global Equity investment strategy centers on the portfolio managers’ belief that individual investment styles (Value, Earnings Change, Price Momentum, Growth, and Quality) carry long-term “risk premiums” that are largely independent of the current economic or market environment and that can be captured using a disciplined investment approach. “Risk premiums” represent the added value resulting from investments in certain sub‑segments of the market that may carry higher risks but have historically led to higher returns on investment. 
Best Styles Global Managed Volatility. The investment process for the Best Styles Global Managed Volatility strategy mirrors the approach used for the Best Styles Global Equity strategy described above, except that the responsible portfolio managers also seek to control for risks associated with volatility and accordingly conduct the security-selection process used for this sleeve with reference to the MSCI ACWI Minimum Volatility Index, which is designed to reflect the performance characteristics of a minimum variance strategy applied to the MSCI ACWI equity universe. 
Global Growth. This strategy focuses on investments in equity securities across a range of countries globally. The portfolio managers follow a disciplined, bottom‑up approach to stock selection that is based on fundamental, company-specific analysis, targeting investments in companies primarily based on analysis of three criteria: structural growth, quality and valuation. In identifying issuers likely to benefit from structural growth, the portfolio managers will seek out issuers with superior business models, best‑in‑class technology and exposure to secular market growth drivers in order to compound issuers’ earnings and cash flows over the long term. In evaluating the quality of potential investment targets, the portfolio managers will consider issuers’ balance sheet strength, long-term competitive position and the presence of barriers to entry to defend pricing power over the long term. The portfolio managers will apply the valuation criterion by making investments in companies whose potential value they believe is not yet reflected in market valuations, and whose ability to satisfy the Portfolio’s key investment criteria is likely to be sustainable in the long-term. The investment decisions of the portfolio managers are not normally guided by sector or geography, or by weightings of the strategy’s performance benchmark, namely the MSCI All Country World Index (ACWI). 
US Fixed Income – Credit. This strategy focuses on investments in U.S. dollar-denominated fixed income securities that, at the time of investment, are primarily investment-grade securities or otherwise determined by the portfolio manager to be of comparable quality. This strategy may also hold other types of fixed income securities, including high yield debt (commonly know as “junk bonds”), as well as preferred securities. The responsible portfolio manager uses proprietary research to identify segments of opportunity in U.S. fixed-income markets and applies strategic sector rotation alongside bottom‑up security selection. The portfolio manager normally adjusts the average duration of investments in the strategy with reference to (though may depart materially from) the maturity characteristics of the Bloomberg U.S. Credit Index 
(which as of September 30, 2021 had an effective duration of 8.43 years). Investments made through this sleeve are not considered “opportunistic” holdings, even where the specific instruments (e.g., high yield debt) would otherwise be eligible for inclusion in the Opportunistic Component. 
The fund may invest in any type of equity or fixed income security, including common stocks, preferred securities, mutual funds, ETFs and exchange-traded notes, warrants and convertible securities, mortgage-backed securities, asset-backed securities, and government and corporate bonds and other debt instruments. The fund may invest in securities of companies of any capitalization, including smaller capitalization companies. The fund also may make investments intended to provide exposure to one or more commodities or securities indices, currencies, and real estate-related securities. 
In implementing these investment strategies, the fund may make substantial use of over-the-counter (OTC) or exchange-traded derivatives, including futures contracts, interest rate swaps, total return swaps, credit default swaps, options (puts and calls) purchased or sold by the fund, currency forwards, and structured notes. The fund may use derivatives for a variety of purposes, including: as a hedge against adverse changes in the market price of securities, interest rates, or currency exchange rates; as a substitute for purchasing or selling securities; to increase the fund’s return as a non-hedging strategy that may be considered speculative; to adjust the portfolio’s exposure to specific asset classes; and otherwise to manage portfolio characteristics. When making use of volatility-linked derivatives as part of its Opportunistic Component, the fund will enter into instruments such as variance swaps, volatility futures and similar volatility instruments that reference indexes representing targeted asset classes, such as variance swaps on the S&P 500 Index or on the Euro Stoxx 50 Index. Derivatives positions are eligible to be held in any of the Equity Component, the Fixed Income Component and the Opportunistic Component of the fund. The fund may maintain a significant percentage of its assets in cash and cash equivalents which will serve as margin or collateral for the fund’s obligations under derivative transactions. 
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ADYFX - Performance

Return Ranking - Trailing

Period ADYFX Return Category Return Low Category Return High Rank in Category (%)
YTD -22.8% -36.5% 32.5% 93.17%
1 Yr -11.4% -32.3% 35.7% 85.51%
3 Yr 7.3%* -2.4% 24.0% 39.29%
5 Yr 5.3%* -0.9% 15.2% 46.49%
10 Yr 6.3%* -2.0% 11.5% 33.33%

* Annualized

Return Ranking - Calendar

Period ADYFX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.1% -19.0% 48.3% 66.04%
2022 -14.7% -16.5% 52.8% 97.60%
2021 5.6% -10.4% 27.3% 77.37%
2020 -13.8% -29.6% 2.4% 72.00%
2019 11.2% -11.6% 29.4% 36.67%

Total Return Ranking - Trailing

Period ADYFX Return Category Return Low Category Return High Rank in Category (%)
YTD -22.8% -36.5% 32.5% 92.09%
1 Yr -11.4% -32.3% 35.7% 80.43%
3 Yr 7.3%* -2.5% 24.0% 36.51%
5 Yr 5.3%* -1.4% 15.2% 43.42%
10 Yr 6.3%* -2.0% 11.5% 32.70%

* Annualized

Total Return Ranking - Calendar

Period ADYFX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.1% -19.0% 48.3% 65.67%
2022 -14.7% -16.5% 52.8% 97.60%
2021 5.6% -10.4% 27.3% 77.37%
2020 -9.5% -29.6% 2.4% 64.44%
2019 17.1% -5.4% 29.4% 12.38%

NAV & Total Return History


ADYFX - Holdings

Concentration Analysis

ADYFX Category Low Category High ADYFX % Rank
Net Assets 36 M 1.96 M 15.7 B 77.06%
Number of Holdings 964 2 3255 6.45%
Net Assets in Top 10 6.18 M 349 K 12.1 B 96.06%
Weighting of Top 10 17.15% 17.1% 100.0% 98.75%

Top 10 Holdings

  1. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  2. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  3. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  4. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  5. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  6. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  7. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  8. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  9. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%
  10. E-MINI RUSS 1000 VMAR21 XCME 20210319 11.55%

Asset Allocation

Weighting Return Low Return High ADYFX % Rank
Stocks
65.42% 0.00% 238.38% 27.60%
Bonds
21.10% 0.00% 194.08% 58.06%
Cash
13.47% -163.86% 88.88% 38.35%
Other
0.01% -72.87% 73.78% 60.57%
Preferred Stocks
0.00% 0.00% 6.21% 55.20%
Convertible Bonds
0.00% 0.00% 8.92% 69.89%

Stock Sector Breakdown

Weighting Return Low Return High ADYFX % Rank
Consumer Cyclical
19.13% 0.00% 25.83% 5.13%
Technology
16.58% 0.00% 85.77% 50.85%
Industrials
13.04% 0.00% 23.85% 14.96%
Financial Services
11.61% 0.00% 98.22% 57.69%
Healthcare
11.14% 0.00% 38.63% 51.71%
Real Estate
7.68% 0.00% 99.45% 26.07%
Communication Services
7.39% 0.00% 21.61% 29.91%
Basic Materials
6.76% 0.00% 56.73% 20.09%
Consumer Defense
4.19% 0.00% 37.51% 74.79%
Energy
1.53% 0.00% 60.89% 83.76%
Utilities
0.94% 0.00% 91.12% 79.06%

Stock Geographic Breakdown

Weighting Return Low Return High ADYFX % Rank
US
39.10% -1.19% 235.84% 36.20%
Non US
26.32% -6.82% 98.11% 13.62%

Bond Sector Breakdown

Weighting Return Low Return High ADYFX % Rank
Corporate
56.77% 0.00% 98.30% 3.94%
Cash & Equivalents
38.61% 0.22% 100.00% 43.01%
Government
4.41% 0.00% 99.78% 75.63%
Derivative
0.21% 0.00% 72.21% 38.35%
Securitized
0.00% 0.00% 52.99% 66.31%
Municipal
0.00% 0.00% 19.13% 58.06%

Bond Geographic Breakdown

Weighting Return Low Return High ADYFX % Rank
US
19.18% -17.22% 123.28% 51.97%
Non US
1.92% -2.67% 70.80% 57.35%

ADYFX - Expenses

Operational Fees

ADYFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.55% 0.44% 3.72% 98.56%
Management Fee 0.70% 0.00% 1.50% 31.18%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.05% 0.70% 10.71%

Sales Fees

ADYFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ADYFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ADYFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 441.00% 81.06%

ADYFX - Distributions

Dividend Yield Analysis

ADYFX Category Low Category High ADYFX % Rank
Dividend Yield 1.68% 0.00% 13.86% 64.87%

Dividend Distribution Analysis

ADYFX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

ADYFX Category Low Category High ADYFX % Rank
Net Income Ratio 1.40% -2.12% 13.72% 25.18%

Capital Gain Distribution Analysis

ADYFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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ADYFX - Fund Manager Analysis

Managers

Claudio Marsala


Start Date

Tenure

Tenure Rank

Jan 01, 2015

7.42

7.4%

Claudio Marsala is Head of Multi Asset US and a Director with Allianz Global Investors, which he joined in 2001. Claudio previously led the quantitative efforts of the firm’s Multi Asset team in Italy, focusing on systematic multi-asset products. Before that, he worked in risk management. Claudio Marsala has worked in the investment-industry since 2001. He has a degree in economics and financial markets from the University of Pisa in Italy, and a master’s degree in quantitative finance from the University of Turin.

Paul Pietranico


Start Date

Tenure

Tenure Rank

Oct 01, 2016

5.67

5.7%

Paul is a Director of Allianz Global Investors Multi Asset US and is Lead Portfolio Manager of the Active Allocation Strategies Team, which he joined in 2005. Paul has investment-industry experience since 1995. He previously worked at Charles Schwab & Co., focusing on research related to asset allocation, portfolio optimization, retirement planning and investment-manager due diligence. Paul has a B.S. in physics, a master’s degree. in philosophy of science, and a master’s degree in engineering economic systems and operations research from Stanford University. He is a CFA charterholder.

Carl Pappo


Start Date

Tenure

Tenure Rank

Sep 01, 2019

2.75

2.8%

Mr. Pappo is CIO US Fixed Income and a managing director with Allianz Global Investors, which he joined in 2017. As the leader of the US Fixed Income team, his responsibilities include chairing the core strategy team (which sets portfolio risk allocations) and acting as lead portfolio manager for a number of strategies. Mr. Pappo previously worked at Columbia Threadneedle Investments, where he was head of the core fixed-income team; earlier at the firm, he led the credit team and the investment grade research team. Before that, Mr. Pappo worked at Fleet Investment Advisors where he managed taxable fixed-income funds and institutional portfolios. He began his career as a corporate bond trader. Mr. Pappo has a B.S. in accounting from Babson College. He is a CFA charterholder.

Thorsten Winkelmann


Start Date

Tenure

Tenure Rank

Dec 23, 2020

1.44

1.4%

Thorsten Winkelmann is a Senior Portfolio Manager and a Managing Director with AllianzGI, which he joined in 2001. As a member of the European Equities team, he is Leader of the Growth Investment Style team and the Lead Portfolio Manager of the Europe Equity Growth strategies. Mr. Winkelmann was previously a Portfolio Manager with the European Equity Core team and the Multi-Asset team, where he was responsible for managing the equity portions of European balanced products. He still manages the equity portions of Kapital Plus, one of AllianzGI’s flagship products, and Azioni. Mr. Winkelmann has a Master’s degree in Economics from the University of Bonn.

Mikhail Krayzler


Start Date

Tenure

Tenure Rank

Dec 23, 2020

1.44

1.4%

Dr. Mikhail Krayzler is a portfolio manager for Allianz Volatility Strategy Fund and a director within the Multi Asset US team at Allianz Global Investors. In his current role, Mikhail is primarily responsible for developing investment strategies in the liquid alternative space as well as in the asset life area. Mikhail has a longstanding experience in derivatives and quantitative finance both in industry and academia. In his PhD Thesis in mathematical finance he was working on exotic option pricing models. Furthermore, Mikhail holds a M.Sc. in “Finance and Information Management” from the TU Munich and University of Augsburg as well as a B.Sc. in “Applied Mathematics and Informatics” from the Technical University of Nizhny Novgorod. Mikhail authored several publications in renowned professional and academic journals and is a frequent speaker at conferences and seminars on risk and investment management topics. In 2012 Mikhail was awarded the 1st Gauss-prize of the German Society of Actuaries and the German Association for Insurance and Financial Mathematics for his work on Variable Annuities.

Rohit Ramesh


Start Date

Tenure

Tenure Rank

Aug 02, 2021

0.83

0.8%

Rohit Ramesh is a portfolio manager in the Systematic Equity team. He is located in the San Francisco office and manages Best Styles mandates in the North American region and mandates focused on US equities. Rohit joined Allianz Global Investors in 2007. Previously, he was a member of the Allianz Global Investors’ Asia Pacific team, focusing on emerging-market stocks and worked at DaimlerChrysler Asia Pacific in Singapore as an emerging-markets analyst. Rohit has a bachelor’s degree in finance and accounting from the University of Bombay, India; a master’s degree in economics and management from the National University of Singapore; a master’s degree in economics and public policy from the University of Pune, India and a MBA in Finance from University of St Gallen, Switzerland.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.83 6.39 13.0