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FB RESEARCH · ISSUE 26/39

Notes from the data.

Short, sharp pieces from our analysts on funds, flows, sectors and what the numbers are actually saying right now. Every note is anchored to live data on the platform — click any reference to jump straight to the fund, category, or holding.

PUBLISHED WEEKLY · MON 18 ACTIVE NOTES
Funds NO. 018 · 9 SEP 2026 · 4 min READ

Same fund, different currency wrapper — what Allianz’s H2-USD class actually changes

The H2-USD share class of Allianz Dynamic Multi Asset Strategy SRI 75 costs nearly the same as the EUR base — but the currency hedge quietly reshapes the risk profile.

Filed under Allianz Dynamic Multi Asset Strategy… LU2853497456 Allianz Dynamic Multi Asset Strategy… LU2202893546
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Annual fee gap between the H2-USD and EUR share classes
1 bp
0.88% (H2-USD) VS. 0.89% (EUR) · BOTH INSTITUTIONAL CLASSES

This week

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Notes ledger

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20 AUG
Funds · NO. 014
DWS’s German equity bet: what single-country conviction actually costs you

DWS runs €2.3bn in a single active German equity strategy across four share classes. Two of those classes charge 75% more than the others — for the same portfolio.

DWS Aktien Strategie Deutschland FC DE000DWS2D82 DWS Aktien Strategie Deutschland IC DE000DWS2D90 DWS Aktien Strategie Deutschland FD DE000DWS2EB3 DWS Aktien Strategie Deutschland ID DE000DWS2EC1
4 min
16 AUG
Sectors · NO. 013
AI funds are converging on the same names — so why aren’t the fees?

Three major retail AI funds share Nvidia and Microsoft in their top positions. Their annual fees range from 1.00% to 2.86% — for portfolios that look strikingly similar at the top.

Allianz Global Artificial Intelligen… LU1602091867 BlueBox Global Technology Fund - Cla… LU2992393228 Disruptive Technology N CAPITALISATION LU0823422141 Nvidia NVDA
3 min
14 AUG
Funds · NO. 012
Asian local currency bonds: two bets inside one fund

M&G's Asian Local Currency Bond Fund charges 0.40% a year and holds £6bn. But it bundles two very different risks together — and most investors only price one of them.

M&G (Lux) Asian Local Currency Bond … LU2832874163 M&G (Lux) Asian Local Currency Bond … LU2832874320 M&G (Lux) Asian Local Currency Bond … LU2832873439
4 min
13 AUG
Funds · NO. 011
What the ’75’ in this €5.5bn Allianz fund actually means for investors

Allianz's €5.5bn SRI multi-asset fund carries a number in its name that most investors skip past. The 75 is the whole investment thesis — and the fee gap inside it is stark.

Allianz Dynamic Multi Asset Strategy… LU1304666057 Allianz Dynamic Multi Asset Strategy… LU1089088402 Allianz Dynamic Multi Asset Strategy… LU2202893546
4 min
04 AUG
Funds · NO. 010
Same Japanese stocks, four currencies — Aberdeen’s wrapper problem

Aberdeen's Japanese sustainable equity fund comes in USD, JPY, EUR and hedged HKD share classes. The underlying portfolio is identical. The currency risk — and the fee — is not.

abrdn SICAV I - Japanese Sustainable… LU0887341062 abrdn SICAV I - Japanese Sustainable… LU0011963674 abrdn SICAV I - Japanese Sustainable… LU2500674531 abrdn SICAV I - Japanese Sustainable… LU2870346959
4 min
15 JUL
Funds · NO. 009
Allianz Income and Growth in SGD — what the currency wrapper is really doing

Singapore investors can buy Allianz Income and Growth in SGD-hedged classes — but the cost of that currency wrap, and the choice between accumulating and distributing, changes the income maths considerably.

Allianz Income and Growth AMgi23 (H2… LU1551013425 Allianz Income and Growth AMgi2 (H2-… LU2756315318 Allianz Income and Growth AMi (H2-SGD) LU2756315664 Allianz Income and Growth RM (H2-SGD) LU1255916048
3 min
02 JUN
Funds · NO. 008
Two ‘absolute return’ bond funds, one label, completely different bets

Brevan Howard and Algebris both carry the absolute return label on their bond funds. The strategies underneath couldn't be more different — and the fees reflect that, in unexpected ways.

Brevan Howard Absolute Return Govern… LU2428338482 Brevan Howard Absolute Return Govern… LU2663014210 Algebris Financial Credit Fund IE00BKPSPP81 Algebris Financial Credit Fund IE00BD71WD31
4 min
17 MAY
Funds · NO. 007
Two ways to be cautious in global equity — and they’re nothing alike

Dodge & Cox and AllianceBernstein both promise a steadier ride in global equities. At 0.60% versus 1.50%, their fees are very different — and so is what they actually do.

?? Global Stock Fund USD Accumulatin… IE00B54PRV58 ?? Global Stock Fund GBP Accumulatin… IE00B54J6879 AB SICAV I - Low Volatility Equity P… LU0861579265 AB SICAV I - Low Volatility Equity P… LU2611180923
4 min
14 MAY
Funds · NO. 006
Income from bonds or income from stocks — two serious funds, one choice

Capital Group's bond fund and Dodge & Cox's equity fund both promise yield, but they take completely different routes — and your circumstances determine which is right.

Capital Group Multi-Sector Income Fu… LU2593130318 ?? Global Stock Fund GBP Distributin… IE00B54PSJ04 ?? Global Stock Fund GBP Accumulatin… IE00B54J6879
4 min
13 MAY
Funds · NO. 005
Allianz Income and Growth is a $59bn fund — does size still work for investors?

At nearly $59bn, Allianz Income and Growth is one of the largest multi-asset income funds on earth. That scale brings its own problems — and its own fee questions.

Allianz Income and Growth CMg2 (USD) LU2093595705 Allianz Income and Growth AMg2 (H2-G… LU1597252607 Allianz Income and Growth AMg2 (USD) LU1551013342
3 min
10 MAY
Funds · NO. 004
Same Vanguard index, three share classes — and the difference is real money

Vanguard's global tracker comes in three flavours with fees ranging from 0.11% to 0.18%. The underlying portfolio is identical — so the choice between them is purely structural.

Vanguard Global Stock Index Fund EUR… IE00B03HD191 Vanguard Global Stock Index Fund Ins… IE00BFPM9N11 Vanguard Global Stock Index Fund Ins… IE00BYVQ3K51
3 min
10 MAY
Funds · NO. 003
JP Morgan’s US value bet sits alone in a sea of passive consensus

Most US-equity funds you can buy in the UK are now passive trackers. JPM's US Value strategy is a deliberate contrarian — but the share-class picture needs unpacking first.

US Value Fund (CNH) A LU2499265663 America Equity Fund (USD) C LU0129459060 America Equity Fund (EUR) C LU0289216672
4 min
09 MAY
Funds · NO. 002
JP Morgan’s US value bet against a decade of passive dominance

JP Morgan runs a dedicated US value fund at 1.50% alongside a broad America equity fund at 0.65%. In a category where passive has won for a decade, the fee gap demands scrutiny.

US Value Fund (CNH) A LU2499265663 America Equity Fund (USD) C LU0129459060 America Equity Fund (EUR) C LU0289216672
4 min
08 MAY
Sectors · NO. 001
AI funds may be converging on the same names — but fees tell a stranger story

The AI fund universe appears to be narrowing around a shared set of holdings, but an OCF range from 0.01% to 2.86% reveals a more structural distortion.

Allianz Global Artificial Intelligen… LU1602091867 Pictet - Robotics LU1279333329 Disruptive Technology N CAPITALISATION LU0823422141 Next Generation Technology Fund LU1861220033
5 min