Allianz Thailand Equity In the six month period ending 31 March 2016 ( the period ), market conditions were highly volatile. The SET index declined sharply from mid-october 2015 to early January 2016, then staged a strong V-shaped recovery to end the period in positive territory. The fall in the first 3 months of the period was due to broader global macroeconomic concerns as the US Federal Reserve was widely expected to (and they did) raise interest rates in December. Post US rate hike, the Thailand market has been one of the top performers in the Asian region. The market return in US dollar ( ) terms was also boosted by a stronger Thai bhat. Flows from foreign investors spurred the market higher, as government stimulus measures kicked in and there were signs of economic stabilization. Nevertheless, longer term trade prospects remain challenging and the Thai central bank has revised GDP growth forecast downwards to 3.1% from 3.5%. The Subfund outperformed the benchmark in terms for the six months ending March 2016. Stock selection within consumer discretionary and information technology contributed strongly to performance. On the other hand, stock selection within industrials and health care hurt. could be underestimated by the market is the drought situation which, if deteriorates, could further pressure farm income and rural consumption. The portfolio has a structural bias towards sectors that are well positioned for growth recovery, such as industrials and consumer discretionary. Recently, progress of infrastructure projects continues to take place which is positive for growth revival. We maintain our overweight in major contractor names which could benefit from increasing news flow on bidding announcements going forward. We are also selective on consumer names with company specific drivers, such as same-store sales growth or improving cost controls rather than macro driven factors. Please refer to the Prospectus as well as the Key Investor Information Document for additional information on the Subfund. Information on the performance of the individual share classes of the Subfund in the reporting period can be found in the table Performance of the Subfunds on pages 5 to 34. While the equity market has delivered notable returns year to date, we are still cautious on fundamentals. The government s delivery of infrastructure spending will be the key to a broad-based and sustainable economic recovery. Recent progress has been encouraging and we will continue to monitor closely. A risk that Breakdown of Net Assets in % 50 40 30 20 10 0 24.15 19.10 14.20 11.80 9.90 6.40 4.77 3.91 0.76 5.01 Industrial Financial Consumer, Cyclical Communications Consumer, Non-cyclical Diversified Energy Utilities Basic Materials Other net assets 218
The Subfund in figures 31/03/2016 30/09/2015 30/09/2014 30/09/2013 Net asset value per share in () (distributing) WKN A0Q1LJ/LU0348798264 38.68 36.26 46.30 41.16 () (accumulating) WKN A0Q1MC/LU0348802470 46.96 43.66 54.80 47.81 Net asset value per share in EUR (EUR) (distributing) WKN A0Q1LH/LU0348798009 514.59 487.58 553.07 460.46 Net asset value per share in JPY (JPY) (accumulating) WKN A1KB39/LU0878861235 205,394.09 203,641.00 232,380.22 180,523.43 in circulation 1) 3,034,745 2,775,686 4,019,784 5,111,143 Subfund assets in millions of 183.9 145.1 399.3 493.8 1) Accumulated figures for open share classes on the reporting date. For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to 34. 219
Allianz Thailand Equity Investment Portfolio as at 31/03/2016 ISIN Securities / Holdings Price Market Value % of Currency (in 1,000)/ 31/03/2016 in Subfund Contracts assets Securities and money-market instruments admitted to an official stock exchange listing 174,691,009.21 94.99 Equities 172,156,959.40 93.62 Thailand 172,156,959.40 93.62 TH0268010Z11 Advanced Info Service Shs 2,702,700 THB 182.000 13,974,187.50 7.61 TH0765010010 Airports of Thailand Shs 984,200 THB 402.000 11,240,011.36 6.11 TH0617A10Z16 Amata Shs 19,776,900 THB 12.300 6,910,678.13 3.76 TH0808010Y15 Bangkok Chain Hospital Shs 10,172,800 THB 10.800 3,121,200.00 1.70 TH0168A10Z19 Bumrungrad Hospital Shs 1,544,800 THB 209.000 9,172,250.00 4.99 TH0481B10Z18 Central Pattana Shs 4,056,800 THB 51.250 5,906,562.50 3.21 TH0176B10Z18 Central Plaza Hotel Shs 5,102,700 THB 43.000 6,233,411.93 3.39 TH0530010Z14 CH Karnchang Shs 7,407,638 THB 25.250 5,313,717.60 2.89 TH0737010Y16 CP ALL Shs 5,791,100 THB 45.750 7,526,784.80 4.09 TH0528010Z18 Delta Electronics Thailand Shs 2,124,400 THB 86.750 5,235,559.66 2.85 TH0278A10Z16 Dynasty Ceramic Shs 44,375,840 THB 4.440 5,597,407.09 3.04 TH0834010017 Glow Energy Shs 2,789,900 THB 90.750 7,192,710.94 3.91 TH0324B10Z19 Hana Microelectronics Shs 5,762,500 THB 36.000 5,893,465.91 3.20 TH0661010015 Home Product Center Shs 14,451,300 THB 8.150 3,345,968.61 1.82 TH0471010Y12 IRPC Shs 9,713,200 THB 5.050 1,393,513.07 0.76 TH0016010017 Kasikornbank Shs 2,227,000 THB 174.500 11,040,099.43 6.00 TH0143010Z16 Land & Houses Shs 17,474,473 THB 9.000 4,467,905.03 2.43 TH0128B10Z17 Minor International Shs 6,538,891 THB 36.750 6,826,825.12 3.71 TH0646010015 PTT Shs 1,102,200 THB 280.000 8,767,500.00 4.77 TH0256A10Z12 Quality Houses Shs 44,530,338 THB 2.340 2,960,255.42 1.61 TH0279010Z18 Robinson Department Store Shs 2,588,100 THB 50.000 3,676,278.41 2.00 TH0003010Z12 Siam Cement Shs 889,250 THB 466.000 11,772,457.39 6.40 TH0307010Z17 Sino-Thai Engineering & Construction Shs 9,845,000 THB 22.700 6,348,906.25 3.45 TH0371010Z13 Supalai Shs 4,236,800 THB 18.800 2,262,836.36 1.23 TH0450010Y16 Thai Union Group Shs 9,902,520 THB 21.000 5,907,753.41 3.21 TH1002010Y14 TTCL Shs 10,358,139 THB 16.300 4,796,524.59 2.61 TH3740010Z16 VGI Global Media Shs 39,152,120 THB 4.740 5,272,188.89 2.87 Participating 2,306,948.86 1.25 Thailand 2,306,948.86 1.25 TH0554010R14 Total Access Communication (NVDR s) Shs 1,980,600 THB 41.000 2,306,948.86 1.25 Warrants 227,100.95 0.12 Thailand 227,100.95 0.12 TH012805RB06 Minor International -Warrants- Shs 748,883 THB 4.720 100,418.40 0.05 TH374005S803 VGI Global Media -Warrants- Shs 4,371,790 THB 1.020 126,682.55 0.07 Investments in securities and money-market instruments 174,691,009.21 94.99 Deposits at financial institutions 8,827,800.20 4.80 Sight deposits 8,827,800.20 4.80 State Street Bank GmbH, Luxembourg Branch 8,827,800.20 4.80 Investments in deposits at financial institutions 8,827,800.20 4.80 Net current assets/liabilities 383,342.25 0.21 Net assets of the Subfund 183,902,151.66 100.00 Net asset values per share - () (distributing) 38.68 - () (accumulating) 46.96 - (EUR) (distributing) EUR 514.59 - (JPY) (accumulating) JPY 205,394.09 in circulation - () (distributing) Shs 2,102,305 - () (accumulating) Shs 856,050 - (EUR) (distributing) Shs 62,129 - (JPY) (accumulating) Shs 14,261 863
Statement of Operations for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/2016 2014/2015 Interest on - bonds 0.00 0.00 - cash at banks 288.16 0.00 - time deposits 0.00 0.00 Dividend income 1,743,218.64 5,540,788.16 Income from - investment funds 0.00 0.00 Other income 0.00 0.00 Total income 1,743,506.80 5,540,788.16 Interest paid on - bank liabilities 0.00-11,271.92 - contracts for difference 0.00 0.00 Other interest paid 0.00 0.00 Performance fee 0.00 0.00 Taxe d Abonnement -29,553.50-76,306.79 All-in-fee -1,467,235.45-4,477,680.90 Other expenses 0.00 0.00 Total expenses -1,496,788.95-4,565,259.61 Equalisation on net income/loss -36,503.62-22,444.71 Net income/loss 210,214.23 953,083.84 Realised gain/loss on - financial futures transactions 0.00 0.00 - foreign exchange -1,509,654.09-17,470,497.01 - securities transactions -562,895.12 32,391,288.29 - CFD transactions 0.00 0.00 Equalisation on net realised gain/loss -227,868.20-4,383,677.55 Net realised gain/loss -2,090,203.18 11,490,197.57 Changes in unrealised appreciation/depreciation on - financial futures transactions 0.00 0.00 - foreign exchange 3,380.92 16,677.04 - securities transactions 12,814,230.17-64,007,820.68 - CFD transactions 0.00 0.00 - TBA transactions 0.00 0.00 Result of operations 10,727,407.91-52,500,946.07 The accompanying notes form an integral part of these financial statements. 864
Statement of Net Assets as at 31/03/2016 resp. liquidation date (if any) 31/03/2016 30/09/2015 Securities and money-market instruments (Cost price 168,404,438.77) 174,691,009.21 140,163,476.60 Time deposits 0.00 0.00 Cash at banks 8,827,800.20 4,647,171.29 Premiums paid on purchase of options 0.00 0.00 Upfront-payments paid on swap transactions 0.00 0.00 Interest receivable on - bonds 0.00 0.00 - time deposits 0.00 0.00 Dividend receivable 1,283,861.01 0.00 Income from investment units receivable 0.00 0.00 Receivable on - subscriptions of fund shares 244,624.83 11,516.77 - securities transactions 0.00 721,569.82 Other receivables 0.00 0.00 Unrealised gain on - futures transactions 0.00 0.00 - contract for difference transaction 0.00 0.00 - TBA transactions 0.00 0.00 Total Assets 185,047,295.25 145,543,734.48 Liabilities to banks 0.00-2,216.12 Premiums received on written options 0.00 0.00 Upfront-payments received on swap transactions 0.00 0.00 Interest liabilities on swap transactions 0.00 0.00 Payable on - redemptions of fund shares -130,744.47-180,118.33 - securities transactions -724,967.48 0.00 Capital gain tax payable 0.00 0.00 Other payables -289,431.64-252,406.37 Unrealised loss on - futures transactions 0.00 0.00 - contract for difference transaction 0.00 0.00 - TBA transactions 0.00 0.00 Total Liabilities -1,145,143.59-434,740.82 Net assets of the Subfund 183,902,151.66 145,108,993.66 For additional information please refer to the section Notes to the Financial Statements. 865
Statement of Changes in Net Assets for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/2016 2014/2015 Net assets of the Subfund at the beginning of the reporting period 145,108,993.66 399,274,869.24 Subscriptions 51,222,077.47 66,830,323.37 Redemptions -23,109,988.28-218,662,107.60 Distribution -310,710.92-1,287,053.19 Equalization 264,371.82 1,534,633.05 Result of operations 10,727,407.91-17,254,294.54 Net assets of the Subfund at the end of the reporting period 183,902,151.66 230,436,370.33 Statement of Changes in for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/2016 2014/2015 at the beginning of the reporting period 1,996,488 720,328 2,937,924 902,521 Number of shares -issued 399,877 136,663 1,223,158 6,051 -redeemed -294,060-941 -1,690,854-186,638 at the end of the reporting period 2,102,305 856,050 2,470,228 721,934 EUR 2015/2016 2014/2015 at the beginning of the reporting period 50,978 117,184 Number of shares -issued 18,758 17,340 -redeemed -7,607-65,793 at the end of the reporting period 62,129 68,731 JPY 2015/2016 2014/2015 at the beginning of the reporting period 7,892 62,155 Number of shares -issued 10,998 4 -redeemed -4,629-43,077 at the end of the reporting period 14,261 19,082 For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to 34. The accompanying notes form an integral part of these financial statements. 866