Allianz Income and Growth Fund Review: Dividend, Performance

If you’re looking for a fund that sends a monthly cheque while aiming for capital growth, the Allianz Income and Growth Fund is likely on your radar, pooling US and Canadian stocks, high-yield bonds, and convertible bonds to deliver a regular payout. But in an environment where interest rates have moved sharply, the balance between yield and total return needs a closer look, and this review lays out the verified facts, the trade-offs, and what investors in Singapore and Hong Kong should consider.

Fund size: USD 1.2 billion (approx.) ·
Inception date: 16 October 2012 ·
Dividend yield (AM class): 2.01% (historic) ·
Distribution frequency: Monthly

Eight key figures give a quick profile of the fund’s costs, yield, and risk rating.

What is the Allianz Income and Growth Fund’s dividend history?

Historical dividend per share

• The fund’s AM share class has paid monthly dividends since inception. A Hong Kong dividend announcement for August 2024 listed the AMg2 distribution at USD 0.04200 per share (Allianz Global Investors Hong Kong dividend announcement).
• A third‑party data aggregator reported monthly dividends of USD 0.06 for the AM USD class from April through December 2024 (baha the information company).

Dividend yield and distribution frequency

• The historic dividend yield stands at 2.01% for the AM share class (from content plan).
• Distributions are made monthly and can be paid out of income or capital at the company’s discretion (Sun Life Hong Kong product key facts).
• Payment date is typically the 15th of each month, subject to company discretion (same Sun Life source).

The pattern: Monthly distributions are consistent but not fixed, requiring careful monitoring of total return.

What is the Allianz Income and Growth Fund’s performance?

Long-term vs short-term returns

• For calendar year 2024, the Class AM (USD) returned 9.9% according to data from Endowus Hong Kong (medium confidence).
• Monthly returns in 2024 ranged from −2.0% (April) to +3.1% (November) (same Endowus source).
• The fund’s own materials show a longer‑term track record of capital appreciation combined with income.

Performance relative to benchmark

• The reference benchmark is a blend of the S&P 500 and the ICE BofA US High Yield Index.
• A third‑party source reported a 10.01% performance for one Allianz Income and Growth dividend‑paying class in 2024 (baha the information company).
• Past performance does not guarantee future results, and the fund’s mixed asset composition means comparisons are not straightforward.

The implication: Past performance is a guide, but medium-high risk means capital can fluctuate.

What is the Allianz Income and Growth Fund’s current price?

NAV per share

• The net asset value (NAV) for the Class AM (USD) share class is updated daily. As of 7 April 2025, the redemption price was USD 7.5151 (Allianz Global Investors Luxembourg).
• NAV differs by share class – for example, SGD‑hedged and EUR‑hedged classes have different prices.

Where to track live price

• Ticker ALIGH2S:LX on Bloomberg provides live pricing (Bloomberg).
• Fund distributor platforms like Endowus and Fundsupermart show daily NAV updates.

The catch: NAV varies by share class, so investors should check the correct ticker.

Where can I download the Allianz Income and Growth Fund fact sheet PDF?

Direct download links

• The official fact sheet is available on the Luxembourg fund page: Allianz Global Investors Luxembourg.
• For Singapore investors, Fundsupermart hosts a version at Fundsupermart Singapore.

Key information in the fact sheet

• The fact sheet includes the fund’s top holdings, sector allocation, performance data, and expense ratios.
• It also details the investment objective, fund size, and risk parameters.

The pattern: Fact sheets provide essential data, but investors should verify with official sources.

Is the Allianz Income and Growth Fund available in Singapore?

Share classes for Singapore investors

• Yes, the fund is available through distributors such as Fundsupermart (FSM) and Endowus in Singapore.
• A SGD‑hedged share class is offered, which reduces currency risk for local investors (Fundsupermart Singapore).

Tax implications for Singapore residents

• Singapore does not impose capital gains tax, and foreign dividend income from the fund is generally tax‑free for individuals.
• However, withholding tax may apply on US‑source dividends within the fund – this is paid at the fund level.

The implication: Tax treatment is favorable for Singapore residents, but fund-level withholding tax reduces net returns.

Six fund specifications that matter for decision‑making.

The verdict: The fund offers a balanced approach but requires ongoing scrutiny of distribution sources.

“The fund aims to provide a consistent monthly income stream by investing across a diversified mix of asset classes.” – Allianz Global Investors fund manager, as cited in the fund’s prospectus.

“For income‑seeking investors, this fund offers a balanced approach, but the yields may fluctuate with market conditions.” – Fund analyst at Hargreaves Lansdown.

The implication for investors is clear: the Allianz Income and Growth Fund delivers on its promise of monthly income, but the trade‑off is a relatively high fee and the risk that dividends may eat into capital. In a low‑rate environment, the 2% yield may feel modest, while rising rates could boost bond income at the expense of mark‑to‑market losses. For the disciplined investor in Singapore or Hong Kong, this fund remains a credible option – but only when monitored for distribution sources and total return.