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Allianz Global Investors Fund X Plc

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Allianz Global Investors Fund X Plc Allianz Global Investors Fund X plc Termination Report and Audited Financial Statements for the period from 1 August 2019 to 31 January 2020 Carne Global Fund Managers (Ireland) Limited The Board of Directors have assessed the measures included in the voluntary Corporate Governance Code for Collective Investments Schemes and Management Companies as published by Irish Funds in December 2011 (the “Code”). The Board of Directors have adopted all corporate governance practices and procedures in the Code. Allianz Global Investors Fund X plc General Information Allianz Global Investors Fund X plc (the “Company”), an umbrella fund with segregated liability between sub-funds, was incorporated under Irish law as an open-ended investment company with variable capital. It was authorised by the Central Bank of Ireland (the “Central Bank”), as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) in accordance with the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulation 2011, as amended, (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). The Company was incorporated as a public limited company on 5 September 2008 pursuant to the Companies Act 2014. The Company was organised in the form of an umbrella fund and comprised of one sub-fund (“Fund”): - Allianz Global Equity High Alpha, which terminated on 8 November 2019. The figures presented in this report relate to the period from 1 August 2019 to 31 January 2020. Allianz Global Investors Fund X plc Contents Performance ...................................................... 2 Directors’ Report .................................................. 4 Investment Manager’s Report Allianz Global Equity High Alpha ................................... 8 Financial Statements Acquisitions and Disposals (Unaudited) Statement of Comprehensive Income Statement of Financial Position Statement of Movement in Net Assets owing to Shareholders Allianz Global Equity High Alpha ................................... 10 Notes to the Financial Statements .................................. 15 Report of the Depositary to the Members of Allianz Global Investors Fund X plc ................................. 27 Independent Auditors’ report to the Directors of Allianz Global Investors Fund X plc on Allianz Global Equity High Alpha, a sub-fund of Allianz Global Investors Fund X plc .................... 28 Note for Investors in the United Kingdom (Unaudited) ............... 30 Directory .......................................................... 31 Appendix 1: UCITS V Remuneration Policy (Unaudited). .............. 32 Appendix 2: Securities Financing Transactions Regulations (Unaudited) 34 Allianz Global Investors Fund X plc Performance Name of the Fund Share Class Launch date Current period 1 year 2 years 3 years 5 years 10 years Launch date - (31/07/2019- (31/07/2018- (31/07/2017- (31/07/2016- (31/07/2014- (31/07/2009- 31/07/2019 08/11/2019 31/07/2019) 31/07/2019) 31/07/2019) 31/07/2019) 31/07/2019) (Termination date)) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Allianz Global Equity High Alpha Euro Hedged Class (EUR) 03/02/2010 -0.82 6.06 8.53 11.24 8.36 – 9.91 Euro Hedged Distribution Class (EUR) 16/07/2018 -1.05 6.25 – – – – – Sterling Hedged Class (GBP) 11/06/2009 -0.72 6.98 9.78 12.28 8.92 – 10.18 1) The calculation is based on the net asset value per share (excluding sales charge), assuming distributions, if any, were reinvested. The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.V.). Past performance is no indication of current performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of Shares. 2 Allianz Global Investors Fund X plc Name of the Fund Share Class Launch date Current period 1 year 2 years 3 years 5 years 10 years Launch date - (31/07/2019- (31/07/2018- (31/07/2017- (31/07/2016- (31/07/2014- (31/07/2009- 31/07/2019 08/11/2019 31/07/2019) 31/07/2019) 31/07/2019) 31/07/2019) 31/07/2019) (Termination date)) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Performance in %1) Allianz Global Equity High Alpha Euro Hedged Class (EUR) 03/02/2010 -0.82 6.06 8.53 11.24 8.36 – 9.91 Euro Hedged Distribution Class (EUR) 16/07/2018 -1.05 6.25 – – – – – Sterling Hedged Class (GBP) 11/06/2009 -0.72 6.98 9.78 12.28 8.92 – 10.18 1) The calculation is based on the net asset value per share (excluding sales charge), assuming distributions, if any, were reinvested. The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.V.). 3 Allianz Global Investors Fund X plc Directors’ Report 1. Principal Activities Company law requires the directors to prepare financial statements for each financial year. Under that law they have The Directors present to the shareholders their report together elected to prepare the financial statements in accordance with with the audited financial statements of Allianz Global Financial Reporting Standard 102; the FRS applicable in the Investors Fund X plc (the “Company”) for the financial period UK and Republic of Ireland (FRS 102), Irish statute comprising from 1 August 2019 to 31 January 2020. the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations. Accounting standards Business review and future developments generally accepted in Ireland in preparing financial statements giving a true and fair view are those issued by the The Company was incorporated as an open-ended umbrella UK Financial Reporting Council, including Financial Reporting investment company with variable capital and segregated Standard 102 The Financial Reporting Standard applicable in liability between funds on 5 September 2008. The Company the UK and Republic of Ireland and Irish law. was authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Under company law the Directors must not approve the entity Transferable Securities on 26 September 2008 in accordance financial statements unless they are satisfied that they give a with the provisions of the European Communities true and fair view of the assets, liabilities and financial position (Undertakings for Collective Investment in Transferable of the Company and of its changes in net assets owing to Securities) Regulations, 2011 (as amended) (the “UCITS Shareholders for that financial year. In preparing the financial Regulations”) and the Central Bank (Supervision and statements, the Directors are required to: Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations - select suitable accounting policies and then apply them 2019, (the “Central Bank UCITS Regulations”). consistently; A decision has been made to cease trading. The Fund of the - make judgments and estimates that are reasonable and Company, Allianz Global Equity High Alpha terminated on 8 prudent; November 2019. - state whether applicable Accounting Standards have been Please refer to Note 2 of the Financial Statements for more followed, subject to any material departures disclosed and detail. explained in the financial statements; and 2. Results and distributions - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will The results for the financial period are set out on page 11. continue in business. The Directors intended to declare dividends in respect of the The Directors are responsible for keeping adequate Euro Hedged Distribution Class Shares on a quarterly basis on accounting records which disclose with reasonable accuracy 15 March, 15 June, 15 September and 15 December. Dividends at any time the financial position of the Company and enable of EUR 30,628 were paid for the financial period ended 31 them to ensure that the financial statements comply with the January 2020 (31 July 2019: EUR 11,283). Companies Act 2014, and the UCITS Regulations and the Central Bank UCITS Regulations. They have general 3. Statement of Directors’ Responsibilities in Respect of the responsibility for taking such steps as are reasonably open to Directors’ Report and the Financial Statements them to safeguard the assets of the Company. In this regard they entrusted the assets of the Company to a Depositary for The Directors are responsible for preparing the Directors’ safe-keeping. They have general responsibility for taking such Report and financial statements, in accordance with steps as are reasonably open to them to prevent and detect applicable law and regulations. fraud and other irregularities. The Directors are also 4 Allianz Global Investors Fund X plc responsible for preparing a Directors’ Report that complies taken as Directors in order to make themselves aware of any with the requirements of the Companies Act 2014. relevant audit information and to establish that the Company’s auditors are aware of that information. 4. Risk Management objectives and policies 9. Soft Commissions and Directed Brokerage The Company was exposed to various types of risk, which were associated with the financial
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