Why real estate has a place
in a multi-asset fund

A solid multi-asset fund invests in more than just stocks and bonds. Alternative investments also have their place. In this way, real estate also offers great value to a multi-asset portfolio.

The core portfolios of the multi-asset funds of Allianz Global Investors consist of stocks and bonds from developed countries. But up to 40 percent can be invested in so-called satellite investments. Real Estate Investment Trusts (REITs) form an important pillar of satellite investments. "Our multi-asset funds have been investing in REITs for almost two years. At the end of last year, they represented around 7 percent of the total investment portfolio," said Marcus Bayer, Product Specialist Multi Asset at Allianz Global Investors.

Certainly, in a low-yield environment - as we know it today - REITs are an attractive asset class. "They are a special type of stocks that perform even better than traditional stocks in a low interest rate environment. That way they add a little extra flavor to a portfolio that is composed of different asset classes," Bayer says.

ETFs

The multi-asset funds of Allianz Global Investors do not invest in individual REITs, nor in actively managed real estate funds. Investments in REITs are made via ETFs. Other satellite investments separately from REITs are emerging market equities and bonds, inflation linked bonds, fintech stocks and microcaps.

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For investors in Europe (excluding Switzerland & the United Kingdom)
For a free copy of the sales prospectus, incorporation documents, daily fund prices, Key Information Document, latest annual and semi-annual financial reports, contact the issuer at the address indicated below or www.allianzgi-regulatory.eu. Austrian investors may also contact the Austrian information agent Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1, AT-1100 Vienna. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established branches in France, Italy, Spain, Luxembourg, Sweden, Belgium and the Netherlands. Contact details and information on the local regulation are available here (www.allianzgi.com/Info). The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights

For investors in Switzerland
For a free copy of the sales prospectus, incorporation documents, daily fund prices, key investor information, latest annual and semi-annual financial reports, contact [the Swiss funds’ representative and paying agent BNP Paribas Securities Services, Paris, Zurich branch, Selnaustrasse 16, CH-8002 Zürich - for Swiss retail investors only] or the issuer either electronically or by mail at the given address. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors (Schweiz) AG, a 100% subsidiary of Allianz Global Investors GmbH. The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights

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