The Allianz Thematica Fund uses focused themes to invest in the rapidly changing global landscape, which is driven by broad megatrends such as technological innovation, social and demographic change, resource scarcity and urbanisation. Launched in December 2016, this strategy has a six-year record of success and is now available in the UK via an OEIC structure since April 2022.
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Going granular is how the Allianz Thematica Fund capitalises on the biggest themes.
Holger Wehner
Holger is head of the Equity Product Specialists and in his role as a senior product specialist he covers AllianzGI’s fundamental equity products, including Allianz Thematica Fund, having joined the team in November 2007. Previously, he worked for more than six years as product specialist for equity and convertible products at WestLB Mellon AM, a joint venture of The Bank of New York Mellon Corporation and WestLB. He is a Chartered Financial Analyst, and a Chartered Alternative Investment Analyst.
Global Head of Product Specialists Equities
The team
A unique approach of combining top-down active theme investing with bottom-up stock picking
the future
Thematica
What's the strategy about?
Fund Facts
Themes
Clean water and land are the biggest areas, but there is also digital technology and renewables.
Understanding the real drivers
Investment process
Adaptation is vital as new themes emerge and old ones peak.
Active management of themes
Why AllianzGI?
See what makes AllianzGI stand out from the pack.
What do we bring to the table?
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Fund
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23%
Digital Life
18%
Next Generation Energy
17%
Infrastructure
13%
Clean Water and Land
12%
Intelligent Machines
11%
Health Tech
6%
Pet Economy
Megatrends such as demographic change are reshaping the investment landscape, but are often too broad to invest in. We hone in on narrower sub-themes that target long-term structural change but in a more focused way. The strategy targets five to seven themes with a 5-25% weight, with each theme represented in the portfolio across 15–30 stocks.
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active theme identification,
ongoing review and adaptation,
and active stock selection.
Please note that the data in the above table is our own evaluation based on our proprietary methodologies and calculations. This evaluation has been created to the best of our knowledge, effort and available data and is assumed to be correct and reliable at the time of publication. The methodologies and data sources used may be different from the sources used for official fund documents, which are solely binding, and have not been externally verified. Source: AllianzGI Thematic Equity database, Allianz Global Investors 30/06/2023.
Theme allocation (%)
Three layers of active management – or alpha generation:
The alloction (%)
A long-term view does not mean we are always invested along the way: themes move in cycles. Different phases for each theme. Different parts of the theme move at different speeds. We don’t confuse the long-term structural outlook with shorter or medium-term challenges or opportunities.
Please note that the data in the above table is our own evaluation based on our proprietary methodologies and calculations. This evaluation has been created to the best of our knowledge, effort and available data and is assumed to be correct and reliable at the time of publication. The methodologies and data sources used may be different from the sources used for official fund documents, which are solely binding, and have not been externally verified. Source: AllianzGI Thematic Equity database, Allianz Global Investors 30/06/2023. A performance of the strategy is not guaranteed and losses remain possible.
can the theme drive the share price?
Active
management
of themes
Adaptation is vital as new themes
Basket approach gives broad diversification and cuts stock-specific risk. At a single-stock basis, purity assessment is vital. Focus on pure-play stocks. It’s important to assess how closely a company is related to a theme. The revenues derived from the theme can be a good starting point but it’s important to be more flexible. This is where our fundamental analysis helps us to drill down.
Our ultimate test is always:
emerge and older themes peak
Intelligent Machines Infrastructure Next Generation Energy Pet Economy Health Tech Digital Life Clean Water and Land
Artificial Intelligence Education Safety and Security China Impact Future Factory Car of the Future Healthy Lifestyle
Picking stocks: two key aspects
active theme identification, ongoing review and adaptation and active stock selection.
Understanding
Theme: Clean Water and Land
The focus within the theme is currently on water. Water infrastructure supply, efficiency and quality are three dimensions along which investments are necessary to address the growing supply/demand gap. The growing demand stems from the increase of water-intensive users. This is due to industrialisation, power generation, agriculture irrigation or consumables production, as well as addressing the aging water networks, of which the first parts will reach age 100 in this decade. Beneficiaries are private water utilities able to grow their earnings via fixing and expanding water supply, of the equipment providers (pumps, valves, filtration, quality sensors).
Theme: Digital Life
Digital technology is changing society very quickly and very meaningfully – from the way we interact with each other to how and what we consume and how we do business. Over the recent decades technological innovation has done a lot to improve and comfort lives on a global basis. Driven by innovation and consumers’ preference for digital convenience, this market evolves. An example in case are electronic payments solutions, which represent an important part of the theme. While the popularity of online shopping continues to grow, ‘it has not killed the consumer's love for shopping in physical stores’ as digital payments provider Adyen noted¹. A unified customer journey across a multitude of channels is the key focus and next leg of growth for the key providers. The downside of the proliferation in digital payments is rising fraud – another key focus area of the leading technology providers. This is also where cybersecurity firms come into the picture. Generally, with the digitalisation of our daily lives, the protection of our data will be key, requiring meaningful investments on an ongoing basis.
1 Adyen, “Top takeaways on APAC's Peak Season”, 9 November 2022
the real drivers
Out of the five to seven themes held within the Allianz Thematica Fund, below are two examples that are believed to be driving the future.
Why AllianzGI
• Active management is central to successful thematic investing, allowing for a stable and time- tested track record from our Global Thematic team in active thematic investing • Our state-of-the-art proprietary digital platform enables crowd-sourcing of ideas and systematic research collaboration with colleagues around the world • A dedicated team of ESG research analysts
2 The Grassroots Research® division of Allianz Global Investors commissions investigative market research for asset-management professionals. Research data used to generate Grassroots Research® reports are received from independent, third-party contractors who supply research that, as far as permissible by applicable laws and regulations, may be paid for by commissions generated by trades executed on behalf of clients.
AllianzGI has extensive experience in thematic investments in companies expected to benefit from
Investment decisions are complemented by Grassroots Research® ²
Performance
innovation
change,
and disruption.
• Industry contacts • Consumers • Alternative data source
Investment insights
• Reports • Field Force • Online panels • Web data extraction
Grassroots Research© analysts create study
AllianzGI analysts and portfolio managers seek to test investment case
08.12.2016 - 30.06.2023
Source: IDS GmbH for Allianz Thematica Fund - C (Acc) – GBP, net of fees, versus MSCI AC World (ACWI) Total Return Net (in GBP), as at 30.06.2023. Past performance does not predict future returns. This fund uses the specified benchmark as a target. This means that the index shown is part of a target set for the fund’s performance to match or exceed. All performance data of Allianz Thematica Fund - C (Acc) - GBP prior to the launch date, 20/04/2022, refer to another investment fund, Allianz Thematica, an open-ended SICAV organised under the laws of Luxembourg and managed by Allianz Global Investors GmbH - Frankfurt, namely Allianz Thematica - WT - EUR (ISIN LU2106854214) launched on 18/02/2020. All performance data of Allianz Thematica - WT – EUR prior to the launch date, 18/02/2020, refer to another share class of the same investment fund, Allianz Thematica, an open-ended SICAV organised under the laws of Luxembourg and managed by Allianz Global Investors GmbH - Frankfurt, namely Allianz Thematica - P - EUR (ISIN LU1479563808) launched on 08/12/2016. This does not imply that Allianz Thematica Fund - C (Acc) - GBP will experience a similar performance in the future. All share classes/investment funds mentioned above are based on the same investment objectives and strategies as well as risk profiles and fee structures.
Allianz Thematica Fund - C (Acc) - GBP MSCI AC World (ACWI) Total Return Net (in GBP)
Adaptation is vital as new themes emerge and older themes peak
