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Form ADV Part 2A Brochure April 23, 2021

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Form ADV Part 2A Brochure April 23, 2021 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 23, 2021 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 March 31, 2021, please find below a summary of material changes: Under Item 8, standard product information was updated. 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 asset allocation, risk overlay, convertibles, private credit, distressed debt, collateralized loans, privately Our Firm placed debt, private equity, and infrastructure debt AllianzGI US, a Delaware limited liability company, is a and equity. AllianzGI US also acts as a sub-adviser to registered investment adviser with principal offices in wrap-fee programs, investment companies and other New York, New York, Miami, Florida, Westport, pooled investment vehicles, as well as to affiliated Connecticut, San Diego, California and San Francisco, investment advisors. AllianzGI US may also provide California. AllianzGI US is a direct, wholly owned consulting and research services in connection with subsidiary of Allianz Global Investors U.S. Holdings LLC, asset allocation and portfolio structure or risk which in turn is owned indirectly by Allianz SE, a analytics. diversified global financial institution. AllianzGI US (formerly known as Allianz Global Investors Capital From time to time, AllianzGI US may engage in other LLC) began furnishing discretionary and non- business activities, including licensing of intellectual discretionary investment management services on property. May 1, 2010 following the combination of two registered investment advisory affiliates, Nicholas- Tailoring Services to Client Needs Applegate Capital Management LLC and Oppenheimer AllianzGI US employs a broad range of portfolio Capital LLC. On April 1, 2013, AllianzGI US merged with management tools in seeking to control risk, hedge RCM Capital Management LLC (“RCM”) and RCM’s exposures and seek returns consistent with its clients' wholly-owned subsidiary, Caywood-Scholl Capital guidelines and restrictions. AllianzGI US will seek to Management LLC. Effective October 1, 2016, Allianz accommodate any client restrictions it considers Global Investors Fund Management LLC merged with reasonable, such as 1) a restriction on the purchase of and into AllianzGI US. Effective December 2016, a particular security or types of securities, or 2) a AllianzGI US succeeded to the business of Rogge Global restriction on the purchase of a group of securities that Partners Inc. Effective as of January 1, 2017, AllianzGI are classified by the client to be in a particular industry US acquired certain assets of Sound Harbor Partners (for example, tobacco), as long as AllianzGI US has LLC. Effective July 1, 2017, AllianzGI US’s wholly owned agreed with the client on the industry classification. subsidiary NFJ Investment Group LLC merged with and Other proposed restrictions are analyzed on a case-by- into AllianzGI US. AllianzGI US’s oldest predecessor case basis. entity began operating in 1969. AllianzGI US generally has the responsibility to monitor Effective February 1, 2021, AllianzGI US and Virtus investment restrictions in clients’ guidelines. Clients Investment Partners, Inc. (“Virtus Investment should be aware that their restrictions can limit Partners”), entered into a strategic partnership. AllianzGI US’s ability to act and as a result, their Central to the strategic partnership, certain affiliates performance may differ from and may be less of Virtus (collectively “Virtus”) became the investment successful than that of other accounts that are not adviser and administrator of certain of registered subject to similar restrictions. AllianzGI US shall not be mutual funds as well as other AllianzGI US managed bound by any amendment to a client’s investment strategies and for certain accounts subsequent to that restrictions unless and until the client and AllianzGI US date. AllianzGI US teams will continue to manage these have agreed in writing to such amendment. strategies in a sub-advisory capacity, including certain products assigned and consented by clients or model AllianzGI US may take up to ten business days (or platform sponsors to be managed by Virtus and its longer depending on the complexity of the product appointed sub-advisers. AllianzGI US’s Dallas-based mandate) from the time an account is approved to Value Equity team left AllianzGI US to form a new fully invest an account funded in cash. Similarly, registered investment adviser, NFJ Investment Group AllianzGI US may take up to ten business days (or LLC, a subsidiary of Virtus Investment Partners. longer depending on the complexity of the product mandate) from the time AllianzGI US has received Our Services instructions to terminate an account to fully liquidate AllianzGI US provides discretionary and non- the account. If a client intends to fund its account by discretionary investment management services to transferring in-kind securities, AllianzGI US will need to clients throughout the world. AllianzGI US manages receive from the client, prior to the effective date of its client portfolios (either directly or through model management duties, a list of such securities to allow delivery and wrap fee programs) applying various AllianzGI US to determine which securities to retain processes across a variety of investment strategies, and which to replace. The client will be responsible for including but not limited to domestic equity, global all related trading costs and tax liabilities that result equity, international equity,
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