With FE data as at 30 September 2026, one fund can show very different returns depending on the share class you look at. Allianz China A-Shares, run by Allianz Global Investors, is a clear example, and it is the point of naming the class whenever we quote a figure.
The class we track
The class in our weekly comparison is the RT H2 CHF class, which is hedged into Swiss francs. Over three years it returned 38.5%, against a median of 18.3% for funds in the Equity China category, ahead of 91%. Over one year it returned 3.1%, against a category median of -10.2%, ahead of 65%. Over three months it fell 19.6%, against a median fall of 4.3%, ahead of 4%.
| Window | RT H2 CHF class | Category median | Ahead of |
|---|---|---|---|
| Three years | 38.5% | 18.3% | 91% |
| One year | 3.1% | -10.2% | 65% |
| Three months | -19.6% | -4.3% | 4% |
Returns are in pounds sterling from FE’s month-end data to 30 September 2026. The category median is the median of the funds’ own returns, with one share class per fund.
Other classes of the same fund
Over the same year, other classes of the fund show different figures: 14.2% for the US dollar class and 43.4% for the Chinese renminbi class, against 3.1% for the Swiss franc hedged class. These are the same underly ing portfolio. The differences come from the currency each class is held in and how it is hedged, measured here in sterling terms.
What the fund holds
As at 16 September 2026 the portfolio is entirely in China. By sector, 28.2% is in Information Technology, 17.1% in Industrials, 17.0% in Financials, 10.0% in Materials, 7.4% in Consumer Discretionary and 5.9% in Healthcare, with 14.6% in other sectors.
What to take from this
A headline return for a fund is a return for one class. If you invest in sterling, the class you hold, its currency and any hedge can matter as much as the choice of fund. The percentile figures above also apply to the class shown, not to every class.
Questions to ask of the table
Three questions are worth asking of any class comparison. Which class do you hold, and in which currency? Is it hedged, and into which currency? And does the return you are looking at belong to that class or to a different one? The figures above are for one class in sterling terms, so they answer the first question only for that class. The fund page lets you switch classes and compare the same window and date, which is the quickest way to see how large the differences are.
How to check it yourself
Open the fund page, switch the share class, and compare returns for the same window and date.
How we calculated these figures
Returns come from FE fundinfo’s month-end cumulative return data, in pounds sterling, one share class per fund. A category median is the median of the returns of the funds in the same FE category. “Ahead of” is the share of the other funds in that category that the fund beat over the same window.
Holdings come from the fund’s latest reported portfolio and are shown as at the date given, so they can be a little later than the return data. A figure for one share class can differ from another class of the same fund, so we name the class. We have not adjusted or estimated any figure, and we use no forecasts, ratings or opinions on the manager.
Source: FE fundinfo. Returns as at 30 September 2026; holdings as at 16 September 2026. Past performance is not a reliable guide to future returns. Capital is at risk. This is information, not personal advice.
Past performance is not a guide to future returns. Capital is at risk.
Funds Benchmark provides research and tooling for institutional and private investors. Nothing in this note is investment advice or a recommendation to buy or sell any specific fund.