Allianz GI to rename its UK Growth fund

Portfolio-Bonds-Investment-Business-700x450.jpgAllianz Global Investors is renaming the Allianz UK Growth fund and tweaking its investment objective.

The fund will be rebranded as the Allianz UK Opportunities on 13 January. While the fund will continue to target capital growth, it will not follow a style bias – such as focusing on undervalued stocks – but will invest across the UK equity market with the potential to also invest in international markets, fixed income securities and collective investment schemes.

In a letter to shareholders, the firm says: “With the renaming of the fund and the clarification of investment objective and policy, the ACD intends to better reflect the fund’s strategy… We believe that adding the term “opportunities” into the current name will make this strategy more transparent. For the avoidance of doubt, these changes are for clarification only and there will be no change in the way the fund is currently managed.”

Manager Matthew Tillett has run the £45.2m fund since July 2013. The fund has returned 23.2 per cent over one year compared to the 14 per cent return of the IA UK All Companies sector, FE data shows.

Allianz GI is also offering investors in the A shares of the fund the opportunity to convert their holdings to the cheaper C shares, with no deadline for the free conversion requests. The ongoing charge is 1.44 per cent for the A shares and 0.89 per cent for the C shares.