close

Se connecter

Se connecter avec OpenID

0 ( ) & +! - Allianz Global Investors

IntégréTéléchargement
$$!&0()&+!'&*!*)*'$!!),)
4E:@?!*)
$ -#! " ,-#('
0+'-
$[@3;64E:75686DE:@?6DE5[@3E6?:CF?6A6C7@C>2?46N=@?8E6C>66?:?G6DE:DD2?E>2;@C:E2:C6>6?EDFC56D
24E:@?D5[6?EC6AC:D6DBF:D2E:D7@?E2FI4C:ERC6D565QG6=@AA6>6?E5FC23=6A@=:E:BF6D@4:2=6
C6DA64E56D
5C@:ED56=[9@>>6
8@FG6C?6>6?E5[6?EC6AC:D6
A@=:E:BF66?G:C@??6>6?E2=66EQE9:BF66E6?E:EC6D
5[6?EC6AC:D6DD@=:52:C6D56>2?:RC65:C64E@FG:256D()
9C:DE:?6=6E
56AF:D
(&& '-#+ " ,-#('
$6D>2C49QD24E:@?D6FC@AQ6?DD@?EC6DEQDDFC=2EC2;64E@:C692FDD:RC6:?:E:Q6>:7QGC:6C
6E46=26?5QA:E5F>6DD28656=2BF[F??@FG62FC6=RG6>6?E56E2FIQE2:E
AC@323=64@?EC2:C6>6?E2FI2?E:4:A2E:@?D$6D:?5:46D56DFCAC:D6Q4@?@>:BF6@?E6?G@JQ56DD:8?2FIA@D:E:7D6?FC@A66E2FIE2ED,?:D6ED6D@?EDE23:=:DQD6?
9:?66E52?D=6DQ>6C86?ED
E2?5:DBF6=6D4@FCD5F3CFED@?EC6DEQD3:6?@C:6?EQDDF:E62FICFAEFC6D5[2AAC@G:D:@??6>6?E2F2?2526E2F&:8QC:2$2A6CDA64E:G65F
5Q3=@428656=2?@FG6==6EC2?49652:56N=2CR466E=6C67=FI56D4C2:?E6D6?E@FC2?E=6C6I:E2ACRD=6CQ7QC6?5F>5F;F:?@?EQ82=6>6?E2=:>6?EQ=292FDD6
TEQA2JD
=2CR4623Q?Q7:4:Q5F4@>AC@>:DEC@FGQ6E56=2A6CDA64E:G65[F?X92:C4FEY56D256EE6$62AC@7:EQ5F3@?4@>A@CE6>6?E56D6D7:?2?4:RC6D6E56
D6DG2=6FCD5@==2CE2?5:DBF6=6.2DF3:=24@?EC6A6C7@C>2?46562J6C2ACRD=6=2?46>6?E56D@?@77C6DFC%@?D2?E@6EBF6=6%!:E2=:6?256?@FG62FQEQ
A=@>3QA2CD6D32?42:C6D
TEQD64E6FCD
46FI3Q?Q7:4:2?E5[F?66IA@D:E:@?:?E6C?2E:@?2=6Q=6GQ6+649?@=@8:6
(92C>24:6
TE6==6C:6=@:D:CD
:6?D564@?D@>>2E:@?5FC23=6D@?EAC@7:EQ5F
C67=FI56=[6FC@6E@?EDFCA6C7@C>Q2FI4TEQD56=2DDFC2?46A@CEQ6A2C=2A6CDA64E:G65692FDD656E2FI2FI,*4@?EC2C:@
=6D32?42:C6D@?EA6FAC@7:EQ56D
5:D4FDD:@?DDFC=[2==R86>6?E5FA@:5D56D4CQ5:ED5@FE6FI6?FC@A6
6E=232:DD656D4@FCD56D>QE2FI:?5FDEC:6=D6E=292FDD65F5@==2C@?EDQGRC6>6?EAQ?2=:DQ=6D
>2EQC:2FI5632D6
$67@?5D2DFCA6C7@C>QD@?:?5:466?>2:8CO46ND6DA2C:D*@4:QEQQ?QC2=6
&6I2?D
!?7:?6@?
%6C4<
&(
'C2?86
6EI2
6EN=[23D6?465[6IA@D:E:@?2FIE:EC6D2J6C
6E2?4@*2?E2?56C$6DA2C:D,?:4C65:E
FC62F-6C:E2D6E-6@=:2@?E46A6?52?EA6DQDFC=2A6C7@C>2?465F>@:D
+!(+&' ,
G@=FE:@?56=2A6C7@C>2?46DFC2??Q6D
(6C7@C>2?46D2??F6==6D
^@?5D^!?5:4656CQ7QC6?46
^@?5D^!?5:4656CQ7QC6?46
(6C7@C>2?46D
/+
%
%
%
A2
A2
'C:8 'C:8A2
@?5D
!?5:4656CQ7
Z
Z
$2A6C:@56>@:DD6?E6?556AF:D=62GC:=
>@:D56AF:D=67QGC:6C
>@:D56AF:D=6?@G6>3C6
/+56AF:D=65Q46>3C6
2?56AF:D=6>2:
2?D56AF:D=6>2:
2?D
56AF:D=6>2:
'C:8:?656AF:D=6?@G6>3C6
+-0+#,-#*. ,.!(',
'#- .+, +#,*.
*6>2:?6D
@56!*!&
)
!?5:4656CQ7QC6?46
%*!%,+@E2=)6EFC?&6E
=A92"6?D6?
*@4:QEQ5686DE:@?
==:2?K=@32=!?G6DE@CD>3 C2?47@CE
6E2
6DE:@??2:C6567@?5D
==:2?K=@32=!?G6DE@CD>3 *F44FCD2=6C2?P2:D6(2C:D
@677:4:6?E564@CCQ=2E:@?
2?BF65QA@D:E2:C6
*@4:QEQQ?QC2=6
)2E:@5:?7@C>2E:@?
2E656=2?46>6?E
)2E:@56*92CA6
4E:7?6E
%,)
+C24<:?8CC@C6IA@DE
=TEFC656=6I6C4:46
-@=2E:=:EQ5F7@?5D
FE@C:D2E:@?564@>>6C4:2=:D2E:@?
)
-@=2E:=:EQ56=:?5:4656CQ7QC6?46
-+.-.+ ,!(',
)QA2CE:E:@?D64E@C:6==6
(C:?4:A2=6D=:8?6D
:?2?4:6C6D
!?5FDEC:6
+64956=V:?7@C>2E:@?
@?D@4J4=:BF6
@?D@?@?4J4=:BF6
+6=64@>
*2?E6
?6C8:6
(C@5F:ED5632D6
56=24E:7
&@E6*
,)'*+'..,+
Z
+'+$*
*&'!
&(()!*
*(*
!&)'(&--
.*
,+* +$#'%)
*'!+&)$*
')&
FEC6D
^@?5D^!?5:4656CQ7QC6?46
)QA2CE:E:@?8Q@8C2A9:BF6
)QA2CE:E:@?56D24E:7D
C2?46
==6>28?6
!?G6DE:DD6>6?E*@=:52:C6D
FEFC6D
(2JD2D
DA28?6
!E2=:6
6=8:BF6
:?=2?56
!C=2?56
FEC:496
4E:@?D
%@?6E2:C6 FEC6D
^@?5D^!?5:4656CQ7QC6?46
-+.-.+ ,(1-,
^@?5D
'!(+&-#(',(&)%0& '-#+ ,+ %-#/ ,.!(',
C2:D5686DE:@?5:C64EDA2
=2DD:7:42E:@?%
24E:@?D56A2JD56=2K@?66FC@
+
CQBF6?46565:DEC:3FE:@?
??F6==6
7764E2E:@?56DCQDF=E2ED
42A:E2=:D2E:@?
CQBF6?4656G2=@C:D2E:@?
BF@E:5:6??6
))(+-.'#-0,
#,*. ,
,?:?G6DE:DD6>6?E52?D56DD@4:QEQDBF:C6DA64E6?E=6D4C:ERC6D56
Z ):DBF6=:Q2F>2C49Q24E:@?D
Z $'(-%?@77C2?EA2D5682C2?E:6
:=DF:E56D7=F4EF2E:@?D56>2C49Q
5QG6=@AA6>6?E5FC23=6
,?62=E6C?2E:G62EEC2J2?E62FI2FEC6D4=2DD6D524E:7D
A@FG2?E=2>6?6CN?6A2DC6DE:EF6C=642A:E2=:?G6DE:
+(!#%
@>A@CE6>6?E56>2C49Q
*@4:2=
?G:C@??6>6?E
@?5D
%*!%,
FC@*E@II
&@E6*
@FG6C?6>6?E5V6?EC6AC:D6
&@E6%@J6??6
@?5D
%*!%,
FC@*E@II
@??Q6D2F
*@FC46==:2?K=@32=!?G6DE@CD
#,%#& +
+@FE:?G6DE:DD6>6?E4@>A@CE656DC:DBF6D$2G2=6FC6E=6
C6G6?F5[F?:?G6DE:DD6>6?EA6FG6?E5:>:?F6C2FDD:3:6?
BF[2F8>6?E6C6E=[:?G6DE:DD6FC?[6DE5RD=@CDA2D2DDFCQ56
CQ4FAQC6CD@?42A:E2=:?G6DE:$2G2=6FC56DA2CEDA6FESEC6
D@F>:D6NF?6G@=2E:=:EQ7@CE6>6?E244CF66EE656C?:RC6
A6FEG2C:6CD6=@?=6D5:77QC6?E6D42EQ8@C:6D56A2CED
ACQD6?E6D52?D=67@?5D$6DA6C7@C>2?46DA2DDQ6D?6
ACQ;F86?EA2D56DA6C7@C>2?46D7FEFC6D*:=256G:D652?D
=2BF6==6=6DA6C7@C>2?46DA2DDQ6DD@?EACQD6?EQ6D?[6DEA2D
=256G:D65FA2JD52?D=6BF6==[:?G6DE:DD6FCCQD:56
=[:?G6DE:DD6FC5@:ED2G@:CBF6
5F72:E56D7=F4EF2E:@?D56E2FI
56492?866?EC6=6D56G:D6D
=6DA6C7@C>2?46DACQD6?EQ6D
A6FG6?ESEC6:?7QC:6FC6D@FDFAQC:6FC6DF?67@:D4@?G6CE:6D
52?D=256G:D6=@42=656=[:?G6DE:DD6FC$2ACQD6?E6
4@>>F?:42E:@?6DE6I4=FD:G6>6?ECQD6CGQ6N56D7:?D
5[:?7@C>2E:@?6E?64@?DE:EF6A2DF?6@77C656G6?E6@F56
D@FD4C:AE:@?
?:=232D65[F?4@?EC2E@F5[F?6?8286>6?E
56BF6=BF6?2EFC6BF646D@:E$6D7@?5D6E=6D:?DECF>6?ED
>6?E:@??QD:4:A6FG6?E?6A2DSEC6AC@A@DQDN=2
4@>>6C4:2=:D2E:@?52?DE@FE6D=6D;FC:5:4E:@?D@FA@FC
46CE2:?6D42EQ8@C:6D5[:?G6DE:DD6FCD6EE64@>>F?:42E:@?
A6FESEC65:77FDQ652?D=6D=:>:E6D56=2=Q8:D=2E:@?
2AA=:423=66E?[6DE6?A2CE:4F=:6CA2D5:DA@?:3=6A@FC=6D
4:E@J6?D6E@FCQD:56?ED56DLE2ED,?:D5[>QC:BF6$6D
@AA@CEF?:EQD5[:?G6DE:DD6>6?E5Q4C:E6D?6AC6??6?EA2D6?
4@>AE6=6D@3;64E:7DDAQ4:7:BF6D5[:?G6DE:DD6>6?E
=2
D:EF2E:@?7:?2?4:RC6
=6D4@??2:DD2?46D
=[6IAQC:6?46
?:=6D
36D@:?DDAQ4:7:BF6D5[F?6A6CD@??6:?5:G:5F6==66E?6D@?E
A2D82C2?E:6D$6D2G:D6E@A:?:@?D6IAC:>QD52?D=2
ACQD6?E64@>>F?:42E:@?C67=RE6?E=6;F86>6?E56=2
D@4:QEQ5686DE:@?N=252E656AF3=:42E:@?6ED@?E
DFD46AE:3=6D5[SEC6>@5:7:QDNE@FE>@>6?E6ED2?DACQ2G:D
6CE2:?6D56D5@??Q6D7@FC?:6D52?D=6ACQD6?E5@4F>6?E
AC@G:6??6?E565:G6CD6DD@FC46D6ED@?ECQAFEQ6D4@CC64E6D
6E7:23=6D
>2:D6==6D?[@?EA2DQEQGQC:7:Q6D56>2?:RC6
:?5QA6?52?E6$[6I24E:EF56@F=[6I92FDE:G:EQ5646D
5@??Q6D:?7@C>2E:@?D?6D@?EA2D82C2?E:6D6EE@FE6
C6DA@?D23:=:EQ6?42D56A6CE65:C64E6@F:?5:C64E6
5Q4@F=2?E56=6FCFE:=:D2E:@?6DE5Q4=:?Q6
D2F76?42D56
?Q8=:86?468C2G6@F5672FE6AC@76DD:@??6==65Q=:3QCQ6$6D
4@?5:E:@?D56E@FE6@77C6@F4@?EC2ED@FD;246?E
A2DDQ
ACQD6?E@FNG6?:C
D@?E46==6DBF:ACQG2=6?E7:?5[@3E6?:C
F?64@A:68C2EF:E65FAC@DA64EFD
56DDE2EFED56=2D@4:QEQ
@F56CR8=6>6?ED
56=2G2=6FC=:BF:52E:G6BF@E:5:6??656D
7@?5D
56D56C?:6CDC2AA@CED2??F6=D6ED6>6DEC:6=D6E5F
5@4F>6?E5[:?7@C>2E:@?4=QA@FC=[:?G6DE:DD6FC!!6?
C2?P2:D
G6F:==6K4@?E24E6C=2D@4:QEQ5686DE:@?==:2?K
=@32=!?G6DE@CD>3 DF44FCD2=6C2?462FA2JD56
5@>:4:=65F7@?5D6?C2?46@FA2C6>2:=2F
9EEAHHH2==:2?K8:7CE@FD?@DAC@5F:ED@FA2CG@:6
A@DE2=6N=[25C6DD6DF:G2?E6==:2?K=@32=!?G6DE@CD
*F44FCD2=67C2?P2:D6
3556D!E2=:6?D
(2C:D656I
%6C4:56=:C62EE6?E:G6>6?E46D5@4F>6?ED
=6DD6F=D2J2?E
6776EN=[Q82C556DE:6CD
2G2?E5[:?G6DE:C64:6DEF?6
4@>>F?:42E:@?AF3=:4:E2:C6Q5:EQ6A2C==:2?K=@32=
!?G6DE@CD>3 HHH2==:2?K8:4@>
F?6D@4:QEQN
C6DA@?D23:=:EQ=:>:EQ6:?4@CA@CQ66?==6>28?6
5@?E=6
D:R86D@4:2=D6D:EF6@4<6?96:>6C$2?5DEC2DD6
C2?47@CE%
6?C68:DECQ62FEC:3F?2==@42=56
C2?47@CE%D@FD=6?F>QC@ )6E28CQQ6A2C=2
F?56D2?DE2=E7UC:?2?K5:6?DE=6:DEF?8D2F7D:49E
HHH327:?56==:2?K=@32=!?G6DE@CD>3 24@?DE:EFQ
F?6DF44FCD2=66?C2?46
==:2?K=@32=!?G6DE@CD>3 DF44FCD2=6C2?46
A2CE:6==6>6?ED@F>:D6M=2
CQ8=6>6?E2E:@?56=[FE@C:EQ56D%2C49QD:?2?4:6CD
HHH2>77C2?46@C8$2C6AC@5F4E:@?
AF3=:42E:@?@F
EC2?D>:DD:@?5F4@?E6?F
D@FDBF6=BF67@C>6BF646D@:E
6DE:?E6C5:E6
%QE9@5@=@8:6D5:DA@?:3=6DDFC=6D:E6:?E6C?6E
HHH2==:2?K8:7C
Auteur
Документ
Catégorie
Без категории
Affichages
0
Taille du fichier
193 Кб
Étiquettes
1/--Pages
signaler