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

NFJ Concentrated Value

Objective
A managed account seeking long-term capital appreciation through investment in a concentrated portfolio of undervalued, dividend-paying stocks.

Strategy Overview

Focused Approach
NFJ Concentrated Value Portfolio provides higher return potential with commensurate risk by investing in a select group of stocks that the manager believes are undervalued. Due to its heavy concentration in a small number of securities and ability to hold a high percentage of cash, the use of this portfolio should be limited to a small percentage of an investor’s assets.

Disciplined Value Management
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 participates in the investment process, serving as portfolio manager and securities analyst. This team approach means that broader resources are committed to portfolio construction.

Model Portfolio Specifics
NFJ will generally hold between 5-15 stocks in the model portfolio. However, the manager has the ability to keep a significant percentage of the portfolio in cash. Concentrated Value limits its investment universe to stocks that are held in the NFJ All-Cap Value Strategy. Each holding pays, or is expected to pay, a dividend. Companies are selected with low price-to-earnings multiples, a dividend yield, and positive prospective earnings, among other factors.

Special Risks
As with any non-diversified portfolio, Concentrated Value entails significant risks that an investor should understand prior to investing. Two primary risks are above-average stock specific risk and the ability to hold a high percentage of cash which can create timing risks. In addition, the Portfolio’s sector positioning and returns can diverge greatly from the benchmark and other NFJ portfolios over both short and long time periods.

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 Concentrated 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 investment manager it has the discretion to accept or reject any investment recommendation and to deviate from the model portfolio. Individual results may vary as a result of market conditions, trading costs, and other factors which may be unique to each account.

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 account restrictions, and changes in securities characteristics including price movements and timing of transactions. 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.

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. Investing in a small number of issuers may increase risk and volatility. Investments in smaller companies may be more volatile than investments in larger companies.
 
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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