How to Avoid a Falling Knife 

Ben Fischer 

 

4/25/2012 

Ben Fischer, NFJ founder and portfolio manager, discusses the firm's approach to risk management and explains why price momentum can be an effective guardrail against blow-ups and bankruptcies.

 



iPad/QuickTime


Ben J. Fischer, CFA, is a managing director and portfolio manager at NFJ Investment Group. He manages the AllianzGI NFJ Dividend Value Fund, AllianzGI NFJ International Value Fund, AllianzGI NFJ Small-Cap Value Fund and AllianzGI NFJ Global Dividend Value Fund. He has been a member of the Management Board of AGI Capital since June 2008. He is a founding partner of NFJ Investment Group and has portfolio management responsibilities for the NFJ Dividend Value, NFJ International Value and NFJ All Cap Value strategies. Prior to joining NFJ in 1989, he was chief investment officer, institutional and fixed income, senior vice president and senior portfolio manager, NationsBank; and securities analyst at both Chase Manhattan Bank and Clark, Dodge. He earned his M.B.A. from New York University, and his J.D. and B.A. from Oklahoma University. Ben has over 40 years of investment industry experience.


Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk. All holdings are subject to change. This commentary is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the commentator, which is subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities.

A word about risk: Equities have tended to be volatile, involve risk to principal and, unlike bonds, do not offer a fixed rate of return. The Funds will normally invest in value securities. When investing in value securities, the market may not have the same value assessment as the manager, and, therefore, the performance of the securities may decline. There is no gurantee that dividend-paying stocks will continue to pay a dividend. Investing in foreign securities may entail greater risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. The securities referenced in the material may or may not be current holdings of the Funds mentioned. For the latest portfolio holdings and risks associated with the Funds, click on the product links above.

Dividend yield is the annual percentage of return earned by an investor on a common or preferred stock. The yield is calculated by dividing the amount of the dividends per share by the current market price per share of the stock. Diversification does not assure a profit or protect against loss. P/E is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY 10019-7585, www.allianzinvestors.com, 1-800-926-4456.

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AGI-2012-03-14-3318 

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