Two classes of Allianz Dynamic Multi Asset Strategy SRI 75, an actively managed multi-asset fund run by Allianz Global Investors, returned 14.5% and 8.8% over one year, both converted to sterling, as at 31 October 2026. That is a gap of 5.7 percentage points between two wrappers of the same portfolio. The sections below set out what the figures cover, what they do not, and what a reader can check next.
What the figures show against peers
The fund is filed by FE fundinfo under the Multi-Asset Global Advanced Markets Aggressive sector. The facts we hold for this note do not include a peer median return or a peer median charge, so we make no statement about how either class ranks against the other funds in that sector. What we can do is set the two classes side by side.
The class with ISIN LU2853497456, labelled IT (H2-USD), returned 14.5% over one year in sterling terms. The class with ISIN LU2202893546, labelled IT2 (EUR), returned 8.8% over the same year. The difference is 5.7 percentage points, higher for the first class.
The shorter windows point the same way. Over three months the first class returned 0.7% and the second returned -2.7%, a difference of 3.4 percentage points. Over six months the figures were 6.8% and 0.9%, a difference of 5.9 percentage points. The six month window is the widest gap across the windows shown.
The second class also has a three year figure: a cumulative return of 56.3% in sterling. We hold no three year figure for the first class, so no comparison is possible over that window. Each window is a separate fact, not a trend.
What a share class is, and why the currency label matters
A share class is one version of a fund. The portfolio underneath is the same, but each class can differ in currency, charges, minimum investment and whether income is paid out or reinvested. Allianz Dynamic Multi Asset Strategy SRI 75 is a single fund with many such classes.
The labels in brackets carry information. A currency in the label, such as USD or EUR, gives the currency in which the class is priced. The H2 marker is used by fund groups for a class that applies a currency hedge, which aims to reduce the effect of exchange-rate moves between the class currency and the fund’s base currency. We do not hold the hedging terms for either class here, so the fund’s own documents are the place to confirm what the H2 label means in practice.
One further point on method. The returns in this note are converted to sterling. Where a class is priced in dollars or euros, the sterling figure reflects both the class return and the movement of that currency against the pound over the window. Two classes of one portfolio can therefore show different sterling returns without any difference in what the fund holds.
Costs: the figures are close, the range is wide
The ongoing charge (OCF) is the annual cost of running a share class, shown as a percentage of the money invested. The first class has an OCF of 0.88%. The second has an OCF of 0.89%. The difference is 0.01 percentage points, higher for the second class.
That is a small gap beside the return differences above, and it does not account for them. The wider cost figure is the spread across the fund’s classes as a whole: the lowest OCF among the share classes is 0.36% and the highest is 2.43%. The two classes examined here, at 0.88% and 0.89%, sit between those two ends. The class a reader holds, and the platform they hold it on, will decide which OCF applies to them.
One portfolio underneath
The portfolio facts below are for the fund as a whole, and we hold them against the first class. The fund launched in August 2014 and is £4.8bn in size as at 31 October 2026. The ten largest positions made up 21.5% of the fund as at that date.
By sector, as at 5 October 2026, Technology was 25.9% of the fund, Financials 17.3% and Industrials 13.7%. By country, as at the same date, the USA was 57.5%, the United Kingdom 9.6% and the Netherlands 4.8%.
These weights describe the shared portfolio. They are the same across classes, which means they are not a difference between the two wrappers. They also show that 57.5% of the fund sits in one country, so the currency in which a class is priced, and the dollar in particular, is part of what a sterling figure measures.
What to check on the fund page and in the Fund Finder
The fund page lists the classes of this fund with their currencies, charges and returns. A reader comparing two classes can check four things there. First, the currency and whether the class is hedged. Second, the OCF of the class, not the fund’s headline figure. Third, whether the class pays income or reinvests it. Fourth, that the return window and the as-at date match for both classes being compared.
The Fund Finder can filter by asset class and sector, which helps when the question is how a fund sits among the others in its sector. More of the manager’s range is on the Allianz Global Investors page, and the wider equity listing gives context for the equity-heavy side of the portfolio. Earlier research is collected under Insights.
What kind of fund this is and what it cannot tell
This is an actively managed multi-asset fund that holds a mix of assets, with a sizeable weight in equities by sector and in the USA by country. The two classes shown are priced in different currencies, carry ongoing charges of 0.88% and 0.89%, and sit within a range of 0.36% to 2.43% across the fund’s classes. Multi-asset funds of this kind are commonly described as single-fund holdings that spread exposure across asset types rather than as stock-selection vehicles.
The figures show that two classes of one portfolio produced different sterling returns over one, three and six months to 31 October 2026. They do not show why. A currency hedge, the base currency of each class, the timing of cash flows and the day on which each class is priced could all play a part, and the facts held here do not allow us to separate them. They also say nothing about future returns. This note covers the IT (H2-USD) and IT2 (EUR) classes only; other classes differ in currency, charges and distributions.
Past performance is not a reliable guide to future returns. Capital is at risk.
This note describes how the fund is built and how it has performed; it is general information, not a recommendation or personal advice, and does not take account of any reader’s circumstances.
Source: FE fundinfo. Returns and charges as at 31 October 2026; other figures dated where shown.
Past performance is not a reliable 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.
