Allianz Invest Eastern
European Equity Fund
Zoltan Koch
26.02.2004
Tözsdeklub
Allianz Investmentbank Aktiengesellschaft
Allianz Investmentbank Aktiengesellschaft
Structure of Allianz Group in Austria
Allianz AG
Munich
Allianz
Elementar
(Property)
Allianz
Elementar
(Life)
Allianz Investmentbank AG
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Allianz Investmentbank Aktiengesellschaft
Executive Summary
Key Figures Allianz Investmentbank AG Group

largest Austrian bank-independent funds-provider

5th largest asset management company in Austria

more than 80 mutual funds

more than EUR 5 billion assets under management in mutual funds

cooperation with a number of banks and institutional clients
(administration and advisory)
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Allianz Investmentbank Aktiengesellschaft
Executive Summary
Key Figures Allianz Dresdner Asset Management

Cooperation, Backing and Know-how of the globally leading
insurance company ALLIANZ

AA- (Standard and Poor´s) rating of Allianz Holding AG

more than 650 bn € assets under management

cooperation with PIMCO (70% ownership)

investment activities all over the world
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Allianz Investmentbank Aktiengesellschaft
Global Network and Know-how Transfer
RAS
Allianz
Seguros
Investmentbank
Allianz AG
AGF
Allianz
of America
RAS
Allianz Dresdner Asset
Management
Cornhill
Allianz
Hungária
MMI
Australia
Allianz
RAS
AAM
Hong Kong
PIMCO
Elvia
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Allianz Investmentbank Aktiengesellschaft
Allianz Invest KAG
Mutual Funds for our Customers*
Fund-of-Funds
AI DEFENSIV
Retail Funds
Low Risk
Funds for institutional
customers
(Higher Risk)
Funds for corporate
customers
AI CASH
AI OSTEUROPA
RENTENFONDS
AI VORSORGEFONDS
Al KONSERVATIV
AI RENTENFONDS
AI OSTEUROPAFONDS
AI KONSERVATIV
AI KLASSISCH
AI AKTIENFONDS
AI NEW GENERATION
AI KLASSISCH
AI DYNAMISCH
ALLIANZ PIMCO
MORTGAGE
ALLIANZ PIMCO
CORPORATE
AI PROGRESSIV
*Registered for sale only in Austria
AI VORSORGEFONDS
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Allianz Investmentbank Aktiengesellschaft
Allianz Invest Eastern European Equity Fund*
Inception Date: 2/20/98
Investment Objective: The Fund´s objective is income and growth. It
invests in listed companies in CEE and Russia.
.... and the story behind
EU enlargement - first wave 2004, second 2007 (?)
Low valuation/ higher growth - Economic catch up with W-EU
Russia - political stability, reforms and high oil price
Lower volatility than Western Europe and better performance
*Registered for sale only in Austria
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Allianz Investmentbank Aktiengesellschaft
Allianz Invest Eastern European Equity Fund
NAV 24. Feb. ´04:
Benchmark:
Strategy:
EUR 32,5m
Nomura CEE Index
Stock picking, bottom-up
Top Holdings
Performance in EUR
1 month
YTD
1 year
3 years (p.a.)
5 years (p.a.)
3,39%
9,68%
40,55%
12,21%
13,54%
Lukoil
TPSA
Vimpelcom
OTP
Yukos
Cesky Tel.
7,3%
5,3%
4,9%
4,8%
4,7%
3,7%
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Allianz Investmentbank Aktiengesellschaft
Al Osteuropa sector and country allocation
30.Jan 2004
Romania
Croatia 0%
4%
Russia
29%
Turkey Cash Estonia
2% 3%
4%
Czech R.
16%
Hungary
19%
Poland
23%
Telecom
21%
Utility
5%
Cash Basic mat.
Conglom.
6%
Construction
3%
1%
1%
Financials
27%
Technology
1%
Pharma
8%
Oil
23%
Food
4%
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Allianz Investmentbank Aktiengesellschaft
Outperformance in 5 years
30.Jan 2004
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Allianz Investmentbank Aktiengesellschaft
Disclaimer
This report has been prepared for information purposes by Allianz Investmentbank AG for distribution by
Allianz Group companies to professional and business customers and does not constitute an offer or
solicitation to buy or sell investment funds. The information contained herein has been obtained from
reliable sources but we make no claims to its completeness or accuracy. The information in this report
reflects our current views which may be subject to change without notice. Allianz Group Companies and
their respective representatives and employees may from time to time deal in, hold or act as market-makers
or advisors, brokers or commercial and/or investment bankers of issuers of securities, or derivatives thereof,
mentioned in this report and may also be represented on the board of such issues. The investments
discussed in this report may be unsuitable for investors depending on their specific investment objectives or
financial position. Investors should obtain individual advice of the bankers/brokers or other advisors about
the investments concerned prior to making them. No Allianz Group Company or any of its representatives
or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of
this report or its contents.
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