AllianzGI hard closes liquid alts funds

Allianz Global Investors (AllianzGI) has announced the hard closure of its Allianz Discovery Europe Strategy and Allianz Discovery Germany Strategy liquid alternative funds, following the sharp growth of inflows in 2015.

Both funds aim to offer market neutral returns using a derivative-based strategy to German or European equities respectively, taking long-short positions. The group will cease to issue new shares as of 12 and 15 February.

Harald Sporleder, fund manager for the Allianz Discovery Europe strategy comments: “We are delighted that the fund enjoyed growing popularity in 2015. But in the interest of current investors, we want to avoid that the concept and performance of the fund will be affected by further inflows.”

According to the group, the Allianz Discovery Europe Fund managed by Sporleder has an annualised return of 5.16% over the past five years at a volatility of 4.4%, its volume has tripled to €1.1bn as of 2015.

The Allianz Discovery Germany Strategy is managed by Ralf Walter, and according to AllianzGI, has received an annualised return of 6.14% at a volatility of 3.5%, its assets have doubled to more than €400m over the last six months.

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