Sustainable Investment Exclusion Policy

For investment funds issued and managed by Allianz Global Investors (AllianzGI) that fall under the category “Multi Asset Sustainability Strategy”, “Climate Engagement with Outcome Strategy”, “SDG1-Aligned Strategy” the following exclusions apply:

AllianzGI Sustainable Investment Funds

AllianzGI Sustainable Investment Funds apply exclusion criteria for severe international standards and/or international regulations violators, controversial weapons or companies that derive more than a certain percentage of their revenues from weapons, companies that derive more than a certain percentage of their revenue from thermal coal extraction and utility companies that generate more than a certain percentage of their revenues from coal, companies involved in the production of tobacco, and companies involved in the distribution of tobacco in excess of a certain percentage of their revenues as shown below.

International standards and/or international regulations

AllianzGI Sustainable Investment Funds refrain from investing in securities issued by companies having a severe violation of international standards and/or international regulations. International standards and/or international regulations in this meaning include, but are not limited to, the Principles of the United Nations Global Compact Violators2, the OECD Guidelines for Multinational Enterprises3, and the UN Guiding Principles for Business and Human Rights4. For certain cases, flagged issuers shall be on a watch list. These companies will appear on this watch list when there is our belief that engagement may lead to improvements or when the company is assessed to take remedial actions. Companies on the watch list remain investible unless we believe that our engagement or the remedial actions of the company does not lead to the desired remedy of the severe controversy.

Weapons

AllianzGI Sustainable Investment Funds refrain from investing in:

  • Securities issued by companies involved in controversial weapons (including: Nuclear Weapons inside & outside of the NPT, Biological & Chemical Weapons, Cluster Munitions, Anti-personnel mines, Depleted Uranium and White Phosphorus).
  • Securities issued that derive more than 10% of their revenues from weapons, military equipment and services.
Climate Change

AllianzGI Sustainable Investment Funds refrain from investing in:

  • Securities issued by companies that derive more than 10% of their revenue from thermal coal extraction.
  • Securities issued by utility companies that generate more than 20% of their revenues from coal.
Tobacco

AllianzGI Sustainable Investment Funds refrain from investing in:

  • Securities issued by companies involved in the production of tobacco.
  • Securities issued by companies involved in the distribution of tobacco in excess of 5% of their revenues.

For sovereign issuers, an insufficient Freedom House Index score is considered.

AllianzGI uses various external data and research providers for the above mentioned exclusions.

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1) United Nations Sustainable Development Goals
2) More information can be found at https://www.unglobalcompact.org
3) More information can be found at https://www.oecd.org/corporate/mne/
4) More information can be found at https://www.ohchr.org/sites/default/files/documents/publications/guidingprinciplesbusinesshr_en.pdf

Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors might not get back the full amount invested. Past performance is not a reliable indicator of future results.

This material is prepared by Allianz Global Investors and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. It is intended for information purposes only. Terms of Use of this website shall also apply.

This material is 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). The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted.

Allianz Global Investors, January 2021