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Allianz Global Investors U.S. LLC Allianz Global Investors U.S. LLC 1. COVER PAGE Allianz Global Investors U.S. LLC 1633 Broadway New York, NY 10019 us.allianzgi.com Form ADV Part 2A Brochure April 1, 2020 This brochure provides information about the qualifications and business practices of Allianz Global Investors U.S. LLC (“AllianzGI US”). If you have any questions about the contents of this brochure, please contact us at (800) 656-6226 and/or [email protected]. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (the “SEC”) or by any state securities authority. Additional information about AllianzGI US is also available via the SEC’s website www.adviserinfo.sec.gov. AllianzGI US is a registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. 1 Allianz Global Investors U.S. LLC ITEM 2. SUMMARY OF MATERIAL CHANGES Since the last update of this brochure on August 26, 2019 and annual update on March 27, 2020, please find below a summary of material changes: Under Item 10, an ownership change of AllianzGI US was reflected to note that Allianz Global Investors U.S. Holdings LLC, the direct parent of AllianzGI US, is now owned by PFP Holdings, Inc, a Delaware corporation, rather than by Allianz Asset Management of America L.P., a Delaware limited partnership. Under Item 12, the FX transaction service provider previously listed has been replaced. Information about the new service provider has been added. Please find below a summary of additional changes: Under Item 4, information about additional locations was added, and assets under management was updated. Under Item 5, standard fee schedules were updated for certain strategies. Under Item 7, affiliate information was updated. Under Item 8, product information was updated. Additional risks were added. Under Item 12, information about trading for wrap accounts was updated to describe when trades are executed away. Pursuant to SEC Rules, we will ensure that you receive a summary of any materials changes to this and subsequent Brochures within 120 days of the close of our business’ fiscal year. We may provide other ongoing disclosure information about material changes as necessary. We will provide you with a new Brochure as necessary based on changes or new information, at any time, without charge. 2 Allianz Global Investors U.S. LLC ITEM 3. TABLE OF CONTENTS ITEM 1. Cover Page ...................................................................................................................................... 1 ITEM 2. Summary of Material Changes ....................................................................................................... 2 ITEM 3. Table of Contents ............................................................................................................................ 3 ITEM 4. Advisory Business .......................................................................................................................... 4 ITEM 5. Fees and Compensation .................................................................................................................. 6 ITEM 6. Performance-Based Fees and Side-By-Side Management .............................................................10 ITEM 7. Types of Clients .............................................................................................................................10 ITEM 8. Methods of Analysis, Investment Strategies and Risk of Loss ......................................................11 ITEM 9. Disciplinary Information ................................................................................................................46 ITEM 10. Other Financial Industry Activities and Affiliations ....................................................................46 ITEM 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ...............49 ITEM 12. Brokerage Practices .....................................................................................................................53 ITEM 13. Review of Accounts .....................................................................................................................62 ITEM 14. Client Referrals and Other Compensation ...................................................................................62 ITEM 15. Custody ........................................................................................................................................63 ITEM 16. Investment Discretion ..................................................................................................................63 ITEM 17. Voting Client Securities ...............................................................................................................63 ITEM 18. Financial Information ..................................................................................................................65 ITEM 19. Privacy Policy ..............................................................................................................................65 3 Allianz Global Investors U.S. LLC ITEM 4. ADVISORY BUSINESS guidelines and restrictions. AllianzGI US will seek to accommodate any client restrictions it considers Our Firm reasonable, such as 1) a restriction on the purchase of AllianzGI US, a Delaware limited liability company, a particular security or types of securities, or 2) a is a registered investment adviser with principal restriction on the purchase of a group of securities that offices in New York, New York, Boston, are classified by the client to be in a particular industry Massachusetts, Dallas, Texas, Miami, Florida, (for example, tobacco), as long as AllianzGI US has Westport, Connecticut, San Diego, California and San agreed with the client on the industry classification. Francisco, California. AllianzGI US is a direct, wholly Other proposed restrictions are analyzed on a case-by- owned subsidiary of Allianz Global Investors U.S. case basis. Holdings LLC, which in turn is owned indirectly by Allianz SE, a diversified global financial institution. AllianzGI US generally has the responsibility to AllianzGI US (formerly known as Allianz Global monitor investment restrictions in clients’ guidelines. Investors Capital LLC) began furnishing discretionary Clients should be aware that their restrictions can limit and non-discretionary investment management AllianzGI US’s ability to act and as a result, their services on May 1, 2010 following the combination of performance may differ from and may be less two registered investment advisory affiliates, successful than that of other accounts that are not Nicholas-Applegate Capital Management LLC and subject to similar restrictions. AllianzGI US shall not Oppenheimer Capital LLC. On April 1, 2013, be bound by any amendment to a client’s investment AllianzGI US merged with RCM Capital Management restrictions unless and until the client and AllianzGI LLC (“RCM”) and RCM’s wholly-owned subsidiary, US have agreed in writing to such amendment. Caywood-Scholl Capital Management LLC. Effective October 1, 2016, Allianz Global Investors Fund AllianzGI US may take up to ten business days (or Management LLC merged with and into AllianzGI longer depending on the complexity of the product US. Effective December 2016, AllianzGI US mandate) from the time an account is approved to succeeded to the business of Rogge Global Partners fully invest an account funded in cash. Similarly, Inc. Effective as of January 1, 2017, AllianzGI US AllianzGI US may take up to ten business days (or acquired certain assets of Sound Harbor Partners LLC. longer depending on the complexity of the product Effective July 1, 2017, AllianzGI US’s wholly owned mandate) from the time AllianzGI US has received subsidiary NFJ Investment Group LLC merged with instructions to terminate an account to fully liquidate and into AllianzGI US. AllianzGI US’s oldest the account. If a client intends to fund its account by predecessor entity began operating in 1969. transferring in-kind securities, AllianzGI US will need to receive from the client, prior to the effective date of Our Services its management duties, a list of such securities to AllianzGI US provides discretionary and non- allow AllianzGI US to determine which securities to discretionary investment management services to retain and which to replace. The client will be clients throughout the world. AllianzGI US manages responsible for all related trading costs and tax client portfolios (either directly or through model liabilities that result from sales of contributed delivery and wrap fee programs) applying various securities. To assist existing or new clients who seek processes across a variety of investment strategies, to liquidate portfolios not under AllianzGI US’s including but not limited to domestic equity, global management, AllianzGI US may liquidate the equity, international equity, fixed income, income and portfolio for such clients as an accommodation or for a growth, high yield bond, balanced strategies, multi- negotiated fee. asset allocation, risk overlay, convertibles, private credit, distressed debt, collateralized loans, privately Separate Accounts placed debt, private equity, and infrastructure debt and For separate account clients, AllianzGI US provides equity. AllianzGI US also acts as a sub-adviser to investment management services for the assets placed wrap fee programs, investment companies and other under its supervision.
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