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Trending ETFs

Name

As of 06/17/2024

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

$10.28

$206 M

5.53%

$0.57

1.24%

Vitals

YTD Return

3.6%

1 yr return

6.9%

3 Yr Avg Return

1.3%

5 Yr Avg Return

5.8%

Net Assets

$206 M

Holdings in Top 10

38.8%

52 WEEK LOW AND HIGH

$10.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.24%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

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

$10.28

$206 M

5.53%

$0.57

1.24%

PALLX - Profile

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return 1.3%
  • 5 Yr Annualized Total Return 5.8%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 1.43%
DIVIDENDS
  • Dividend Yield 5.5%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    Virtus Global Allocation Fund
  • Fund Family Name
    Allianz Funds
  • Inception Date
    Sep 08, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Paul Pietranico

Fund Description

The fund seeks to achieve its investment objective through a combination of active allocation across asset classes and actively managed strategies within those asset classes. The fund allocates its investments across asset classes in response to changing market, macroeconomic, and other factors and events that the portfolio managers believe may affect the value of the fund’s investments. To gain exposure to different asset classes, the fund incorporates actively managed underlying strategies, both directly through dedicated teams managing separate sleeves of the fund and indirectly through investments in affiliated mutual funds, as well as through passive strategies. Under normal circumstances, the fund invests directly and indirectly in global equity securities, fixed-income securities, and long and short positions using derivatives across multiple asset classes. The fund may also invest in exchange-traded funds (“ETFs”), unaffiliated mutual funds, other pooled vehicles and derivative instruments such as futures, among others. The fund’s actively managed underlying strategies incorporate environmental, social and governance (“ESG”) factors into the selection of individual securities, and the portfolio managers also consider ESG factors in the construction of the overall portfolio. The fund’s allocations to different strategies and instruments are expected to vary over time and from time to time.

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’s portfolio is managed. The Equity Component can include direct or indirect exposure to equity securities of any market capitalization, any sector and from any country, including emerging markets. The fund expects to invest a significant portion of the Equity Component into Virtus NFJ Global Sustainability Fund, an affiliated mutual fund. The Fixed Income Component primarily consists of direct or indirect exposure to fixed income securities from any sector, of any credit-quality including high yield bonds, from any part of the capital structure including loans, preferred securities and convertibles, denominated in any currency and issued by any country including emerging markets. Within the Fixed Income Component, the allocation to high-yield bonds, senior loans, preferred securities, convertibles and emerging market debt will not exceed 30% of the fund’s assets on a gross exposure basis. Separately, the fund will also invest in non-U.S. currencies and take FX positions through derivatives, both long and short.

The portfolio managers may also invest up to 10% of the portfolio in any other asset class that falls outside of the Equity Component and the Fixed-Income Component, which constitute the “Other Component.” Examples include, but are not limited to, derivatives on carbon emissions and commodities. Other asset classes may be added at the portfolio managers’ discretion. The portfolio managers will typically over- or under-weight the fund’s portfolio against the baseline long-term allocation, depending on the portfolio managers’ view of the relative attractiveness of the investment opportunities available, which will change over time.

Depending on market conditions, the Equity Component may range between approximately 50% and 70% of the fund’s assets, the Fixed Income Component may range between approximately 10% and 70% of the fund’s assets and the Other Component may range between 0% and 10% of the fund’s assets. The ranges apply at the time of purchase. The fund’s exposure to each component may vary from the ranges due to market movements and it is at the portfolio managers’ discretion when to bring the fund back within the range. 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 Other Component in response to changes in their views based on their analysis of market, macroeconomic and other factors. In conjunction with their asset class analysis the portfolio managers seek to gain exposure to desired asset classes primarily through actively managed underlying strategies that apply ESG factors (including the strategy employed by Virtus NFJ Global Sustainability Fund within the Equity Component) and passive ESG ETFs and futures. They also consider ESG factors in the construction of the overall portfolio. The portfolio managers believe that investing in companies with strong records for managing ESG risks can generate long-term competitive financial returns and positive societal impact.

Within the Fixed Income Component limits described above, the fund intends to make use of an integrated ESG security selection strategy (“U.S. Fixed Income Sleeve”) that is managed by a dedicated team of portfolio managers. This strategy focuses on investments in bonds, notes, other debt instruments and preferred securities, including derivatives relating to such investments. The portfolio managers invest in a diversified portfolio of high-quality bonds that generates return primarily through security selection and sector rotation with an investment grade focus. The U.S. Fixed Income Sleeve may also invest in high yield debt (commonly known as “junk bonds”) and emerging market corporate and sovereign bonds. The strategy is based on bottom-up fundamental credit research, which accounts for the potential financial impact of ESG issues facing corporations and therefore considers ESG factors alongside financial factors in the security selection and overall risk management process. Portfolio managers have the ability to weigh risks relative to market compensation and relative to corporate strategies that seek to address identified ESG concerns.

As a portion of the Equity Component described above, the fund intends to make use of a managed volatility strategy that focuses on investments in globally diverse equity securities, including emerging market equities (“Managed Volatility Sleeve”), and is managed by a dedicated team of portfolio managers. The sleeve’s strategy focuses on the overall management of portfolio volatility and favors stocks that demonstrate lower beta. The portfolio managers apply an investment constraint requiring that the weighted average of the combined MSCI “E,” “S” and “G” scores of the individual securities within the Managed Volatility Sleeve is higher at the time of purchase than the weighted average of the combined “E,” “S” and “G” scores of the securities in the benchmark, the MSCI All Country World Index. The ESG evaluation process incorporates scores based on company sustainability disclosure, government and academic data and media searches, among other sources.

The fund may invest in any type of equity or fixed income security, including common and preferred stocks, warrants and convertible securities, mortgage-backed securities, asset-backed securities and government and corporate bonds. 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. The fund is expected to be highly diversified across industries, sectors, and countries. The fund may liquidate a holding if it locates another instrument that offers a more attractive exposure to an asset class or when there is a change in the fund’s target asset allocation or allocation among dedicated sleeves, or if the instrument is otherwise deemed inappropriate.

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; and to manage portfolio characteristics. When making use of volatility-linked derivatives, 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 or Other 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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PALLX - Performance

Return Ranking - Trailing

Period PALLX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -23.7% 16.4% 76.61%
1 Yr 6.9% -8.9% 48.3% 47.21%
3 Yr 1.3%* -2.2% 16.4% 27.84%
5 Yr 5.8%* -0.7% 13.4% 29.21%
10 Yr 4.6%* 0.9% 11.8% 42.90%

* Annualized

Return Ranking - Calendar

Period PALLX Return Category Return Low Category Return High Rank in Category (%)
2023 8.8% -40.8% 20.6% 63.86%
2022 -20.6% -21.0% 24.5% 35.31%
2021 1.3% -24.2% 27.8% 91.12%
2020 6.9% -23.1% 11.7% 82.59%
2019 6.8% -100.0% 20.6% 75.75%

Total Return Ranking - Trailing

Period PALLX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -23.7% 16.4% 75.54%
1 Yr 6.9% -12.8% 48.3% 43.64%
3 Yr 1.3%* -3.4% 16.4% 24.24%
5 Yr 5.8%* -1.1% 13.4% 27.92%
10 Yr 4.6%* 0.9% 11.8% 40.61%

* Annualized

Total Return Ranking - Calendar

Period PALLX Return Category Return Low Category Return High Rank in Category (%)
2023 11.9% -40.8% 20.6% 63.86%
2022 -15.4% -21.0% 24.5% 35.31%
2021 11.1% -24.2% 27.8% 91.36%
2020 14.2% -23.1% 11.7% 85.36%
2019 18.3% -2.9% 23.1% 17.44%

NAV & Total Return History


PALLX - Holdings

Concentration Analysis

PALLX Category Low Category High PALLX % Rank
Net Assets 206 M 1.12 M 110 B 59.40%
Number of Holdings 447 2 10961 24.22%
Net Assets in Top 10 81.6 M -31.7 M 22 B 53.03%
Weighting of Top 10 38.78% 10.8% 100.0% 27.94%

Top 10 Holdings

  1. Virtus NFJ Global Sustainability Fund 19.78%
  2. PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund 3.22%
  3. Virtus Duff Phelps Water Fund 3.03%
  4. BlackRock Liquidity FedFund 2.90%
  5. Virtus Duff Phelps Clean Energy ETF 2.02%
  6. Ginnie Mae II Pool 1.94%
  7. United States Treasury Note/Bond 1.60%
  8. Ginnie Mae II Pool 1.55%
  9. Microsoft Corp 1.50%
  10. United States Treasury Note/Bond 1.25%

Asset Allocation

Weighting Return Low Return High PALLX % Rank
Stocks
51.57% -45.72% 98.42% 77.45%
Bonds
36.12% -39.76% 93.84% 16.70%
Cash
10.75% -97.12% 185.58% 32.36%
Other
1.28% -1.25% 197.12% 96.66%
Preferred Stocks
0.27% -0.03% 14.00% 97.49%
Convertible Bonds
0.18% 0.00% 25.49% 58.87%

Stock Sector Breakdown

Weighting Return Low Return High PALLX % Rank
Technology
21.51% 0.00% 39.48% 5.10%
Healthcare
17.78% 0.00% 30.30% 5.94%
Financial Services
15.63% 0.00% 30.34% 34.61%
Industrials
10.97% 0.09% 32.39% 48.83%
Basic Materials
9.56% 0.00% 60.23% 18.26%
Consumer Defense
9.29% 0.00% 31.85% 31.85%
Consumer Cyclical
5.00% 0.00% 20.84% 66.67%
Energy
4.08% 0.00% 38.61% 69.00%
Communication Services
3.08% 0.00% 28.59% 81.53%
Utilities
1.95% 0.00% 40.29% 78.98%
Real Estate
1.14% 0.00% 90.14% 87.90%

Stock Geographic Breakdown

Weighting Return Low Return High PALLX % Rank
US
44.45% -4.82% 95.75% 70.56%
Non US
7.13% -46.69% 57.06% 72.03%

Bond Sector Breakdown

Weighting Return Low Return High PALLX % Rank
Government
29.45% 0.00% 98.64% 49.48%
Corporate
27.30% 0.00% 99.90% 48.02%
Securitized
24.98% 0.00% 83.28% 9.60%
Cash & Equivalents
2.90% 0.10% 100.00% 48.85%
Derivative
0.23% 0.00% 41.88% 27.35%
Municipal
0.00% 0.00% 31.28% 94.78%

Bond Geographic Breakdown

Weighting Return Low Return High PALLX % Rank
US
35.25% -177.12% 87.76% 10.65%
Non US
0.87% -39.00% 137.36% 61.17%

PALLX - Expenses

Operational Fees

PALLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.24% 0.16% 2.71% 95.62%
Management Fee 0.70% 0.00% 1.70% 55.89%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.70% 68.98%

Sales Fees

PALLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

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

PALLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 441.00% 18.76%

PALLX - Distributions

Dividend Yield Analysis

PALLX Category Low Category High PALLX % Rank
Dividend Yield 5.53% 0.00% 10.92% 96.47%

Dividend Distribution Analysis

PALLX Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Annually Monthly Monthly

Net Income Ratio Analysis

PALLX Category Low Category High PALLX % Rank
Net Income Ratio 1.43% -5.20% 6.33% 52.29%

Capital Gain Distribution Analysis

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

Distributions History

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PALLX - Fund Manager Analysis

Managers

Paul Pietranico


Start Date

Tenure

Tenure Rank

May 04, 2009

13.08

13.1%

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.

Heather Bergman


Start Date

Tenure

Tenure Rank

Feb 01, 2017

5.33

5.3%

Heather Bergman is a portfolio manager and a director with AllianzGI, which she joined in 2011. As a member of the Multi Asset US team, she manages Active Allocation strategies and investment functions around the 529 college savings portfolios. She also focuses on the due diligence efforts into underlying investment strategies in the US for both internal and external managers and actively contributes to the team’s Fundamental research. Heather has 14 years of industry experience. Heather previously taught at the University of California Los Angeles. Before that, she was an analyst at a global hedge fund. Ms. Bergman has a B.A. from Georgetown University, an M.A. from Columbia University and a Ph.D. in international political economy from University of California Los Angeles.

Carl Pappo


Start Date

Tenure

Tenure Rank

Oct 11, 2019

2.64

2.6%

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.

Claudio Marsala


Start Date

Tenure

Tenure Rank

Feb 01, 2021

1.33

1.3%

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.

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
0.03 30.27 6.52 9.25