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All data as of 03/31/13, unless otherwise indicated.
Managed Accounts

NFJ All-Cap Value

Objective
A managed account seeking long-term capital appreciation through investment in the undervalued stocks of dividend-paying companies

Strategy Overview

Highlights

  • Access to growth potential of undervalued stocks across all capitalizations
  • Managed by experienced value specialists
  • Risk-averse investment philosophy
  • Disciplined, pure value process
 

Process & Philosophy

POTENTIAL OF UNDERVALUED STOCKS

Investors often focus on a few high growth sectors, allowing strong opportunities in other industries to go unnoticed. NFJ's All Cap Value managed account portfolio is a smart way to invest in these undervalued stocks. 

EXPERIENCED SPECIALISTS

NFJ Investment Group has a strong track record and consists of a team of managers dedicated to a pure, deep value approach to equity investing. Each of these professionals participate in the investment process, serving as portfolio manager and securities analyst. This team approach means broader resources are committed to portfolio construction. 

RISK-AVERSE PHILOSOPHY

NFJ adheres to a strict value philosophy, seeking undervalued, fundamentally sound companies. What sets the firm apart from other value-oriented managers is its emphasis on risk management. To temper the risks associated with equity investing, NFJ maintains broad industry diversification and requires that each stock in its All Cap Value portfolios pay a dividend-a characteristic they believe is an important sign of financial stability.
 

DISCIPLINED INVESTMENT PROCESS

NFJ adheres to a strict, research-driven investment process, seeking to invest in stocks offering attractive valuations and superior long-term growth potential, at reasonable risk levels.
  • Screen NFJ portfolios—Review the holdings in four NFJ portfolios: Dividend Value; Large-Cap Value; Mid-Cap Value and Small-Cap Value. The holdings in these portfolios have already satisfied NFJ’s investment criteria, including low price-to-earnings multiple, a dividend yield, and positive prospective earnings, among other factors.
  • Restrict industry concentrations and analysis— Avoid overexposure to any one sector by restricting the number of stocks held in a single industry.
  • Construct model portfolio—The portfolio managers seek to identify attractive securities within each market capitalization range and select approximately 35–60 securities for the model portfolio. Although the portfolio will normally have some exposure to small, medium and large capitalization companies, the portfolio managers reserve the flexibility to vary the portfolio’s relative weighting to each capitalization range.
  • Regularly monitor for buy and sell candidates— Continually repeat the research process to identify new buy and sell candidates. Sell a stock when an alternative stock with equally strong fundamentals demonstrates a substantially higher dividend yield or a substantially lower valuation.
 
This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. References to specific securities and their 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.

Individual results may vary as a result of market conditions, trading costs, and other factors which may be unique to each account. Individual account holdings will vary depending on the size of an account, cash flows and account restrictions. At any time an individual account managed in this strategy may or may not include securities held by another portfolio. Consequently, any particular account may have portfolio characteristics and performance that differ from another individual account in this strategy.

The managed account strategies described here are offered by Allianz Global Investors U.S. LLC and are available exclusively through financial professionals. Participation is restricted to accounts with a minimum asset level and may not be suitable for all investors.
Allianz Global Investors Managed Accounts LLC merged into Allianz Global Investors U.S. LLC on January 1, 2013. Allianz Global Investors U.S. LLC manages the NFJ All Cap Value accounts using a model portfolio developed by the sub-advisor NFJ as a guide. While Allianz Global Investors U.S. LLC generally intends to follow NFJ''s recommendations, as the account manager it has the discretion to accept or reject any investment recommendation and to deviate from the model portfolio.

Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current share price. 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.

A Word About Risk: A security in the portfolio may not perform as anticipated if the market does not agree with the portfolio manager''s value assessment. Investments in smaller companies may be more volatile and less liquid than investments in larger companies. Foreign markets may be more volatile, less liquid, less transparent, and subject to less oversight, and values may fluctuate with currency exchange rates; these risks may be greater in emerging markets.
 


CLICK TO VIEW OUR BUSINESS CONTINUITY PLAN, PROXY POLICIES & VOTING RECORDS, OR OUR PRIVACY POLICY.

Allianz Global Investors U.S. LLC, 1633 Broadway, New York, NY 10019-7585.
 
AGI-2012-12-27-5417
Copyright AllianzGI 2013. All Rights Reserved.
Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED

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