We are delighted to award an AA rating to the Allianz Strategic Bond fund. Using the discretionary global macro approach which they created, this fund's managers combine exposures to interest rates, credit, inflation and currencies in order to generate alpha.

We hold the fund's managers and their unconstrained, contrarian and high conviction approach in high regard and we believe that their abilities have been clearly demonstrated by the fact that they have been able to deliver strong returns, with a close to zero correlation to equities, across different market environments. Thus, providing an attractive source of diversification for investors' portfolios.