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HEAD-TO-HEAD: Allianz vs Fidelity
FSA compares the Allianz Dynamic Asian High Yield Bond Fund and the Fidelity Asian High Yield Bond Fund.
The performance of the Allianz and Fidelity funds versus the global high yield, the US dollar-denominated high yield and the Asia-Pacific fixed income sectors since the inception of the Allianz fund, according to FE data. Note: FE does not have data for the funds’ benchmark indices.
Both funds have very similar returns, observed Ng, with the Allianz fund performing slightly better than the Fidelity fund by around 2%.
Both funds performed well during the period, as it was a good market for Asian high yield bonds, according to Ng. “Apart from the income component from the assets they hold, they also benefit from the yield compression and the carry as well,” he said.
Cumulative fund and benchmark performance
| Fund and benchmark | Since inception | five-year | three-year | one-year | YTD |
| Allianz fund (inception: September 2015) | 24.99% | – | – | 7.67% | 7.30% |
| Benchmark: JP Morgan Asia Credit Index Non-Investment Grade | 20.91% | – | – | 6.92% | 6.60% |
| Fidelity fund (inception: April 2007) | 75.20% | 34.90% | 20.70% | 6.40% | 6.80% |
| Benchmark: The BofA Merrill Lynch Asian Dollar High Yield Corporate Constrained Blended Index | 124.20% | 37.50% | 20.30% | 5.80% | 5.80% |
Source: Allianz and Fidelity’s fund factsheets.
Both funds are less volatile than their fixed income peers in the Asia-Pacific high yield, the global high yield and the US dollar-denominated high yield fixed income categories, according to FE data.
Ng said he believed that both funds were strong candidates in the Asia fixed income market.
Annualised volatility since 30 September 2015
| Allianz fund | 1.82 |
| Fidelity fund | 1.07 |
| Asia-Pacific fixed income sector | 1.91 |
| Global high yield sector | 2.61 |
| US dollar high yield sector | 2.07 |
Source: FE Analytics
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