AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Nine Months Ended October 31, 2020

Rhea-AI Summary

AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) reported its fiscal results for the quarter and nine months ending October 31, 2020. The Fund's net assets increased to $297.6 million from $240.5 million in 2019, with common shares outstanding at 10,353,920. The net asset value (NAV) reached $28.75, marking a significant rise from $23.26 the previous year. The market price stood at $25.05, reflecting a discount to NAV of 12.87%. Net investment income for the quarter was $15,972, compared to $231,877 in the same quarter last year.

Positive

• Net assets increased to $297.6 million from $240.5 million year-over-year.
• NAV rose to $28.75, up from $23.26 in 2019.
• Market price improved to $25.05 from $22.91 a year ago.

Negative

• Net investment income significantly decreased to $15,972 from $231,877 year-over-year.
• Income per common share dropped to $0.00 from $0.03 in the previous year.

AllianzGI Diversified Income & Convertible Fund (the "Fund") (NYSE: ACV), a diversified closed-end management investment company which provides total return through a combination of current income and capital appreciation, while seeking to provide downside protection against capital loss, today announced its results for the fiscal quarter and nine months ended October 31, 2020.

				At October 31,
				2020				2019
Net Assets (a)				$297,639,289				$240,516,367
Common Shares Outstanding				10,353,920				10,341,332
Net Asset Value ("NAV")				$28.75				$23.26
Market Price				$25.05				$22.91
Discount to NAV				(12.87)%				(1.50)%
Undistributed Ordinary
Income Per Common Share (b)				$2.3015				$0.4797
				Quarter ended October 31,
				2020				2019
Net Investment Income (c)				$15,972				$231,877
Per Share (c)(d)				$0.00	*			$0.03
Net Realized and Change in Unrealized Gain (Loss) (c)				$17,281,260				$(546,472)
Per Share (c)				$1.67				$(0.06)
				Nine Months ended October 31,
				2020				2019
Net Investment Income (c)				$365,196				$987,775
Per Share (c)(d)				$0.03				$0.10
Net Realized and Change in Unrealized Gain (Loss) (c)				$55,977,260				$27,032,709
Per Share (c)				$5.41				$(2.61)
* Amount rounds to less than $0.01 per share.

(a)	Net assets are inclusive of Mandatory Redeemable Preferred Shares of $30 million.
(b)	Since the Fund's net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's undistributed ordinary income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed ordinary income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The undistributed ordinary income balance is exclusive of market premium amortization on corporate bonds in accordance with federal income tax treatment. The undistributed ordinary income balance includes realized gain (loss) on the sale of contingent debt and Section 305 sales adjustments for accrual of deemed dividends from investments in convertible debt, in accordance with federal income tax treatment.
(c)	Net Investment Income for the fiscal quarter and nine months ended October 31, 2020 includes market premium amortization on corporate bonds of $74,842 ($0.01 per common share) and $241,940 ($0.02 per common share). Net Investment Income for the fiscal quarter and nine months ended October 31, 2019 includes market premium amortization on corporate bonds of $96,602 ($0.01 per common share) and $239,105 ($0.02 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on corporate bonds.
(d)	Calculated on average common shares outstanding.

Allianz Global Investors U.S. LLC, an indirect, wholly-owned subsidiary of PFP Holdings, Inc., serves as the Fund's investment manager and is a member of Munich-based Allianz Group.

The Fund's daily New York Stock Exchange closing market price, NAV, as well as other information, is available at us.allianzgi.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance the Fund will meet its stated objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201230005311/en/

FAQ

What were the net assets of ACV as of October 31, 2020?

As of October 31, 2020, ACV's net assets were $297.6 million.

What is the NAV of AllianzGI Diversified Income & Convertible Fund as of October 31, 2020?

The NAV of ACV as of October 31, 2020, was $28.75.

How did the market price of ACV change from 2019 to 2020?

The market price of ACV increased from $22.91 in 2019 to $25.05 in 2020.

What was the income per common share for ACV for the fiscal quarter ending October 31, 2020?

The income per common share for ACV for the fiscal quarter ending October 31, 2020, was $0.00.

How much did the net investment income of ACV decrease in 2020 compared to 2019?

Net investment income for ACV decreased from $231,877 in 2019 to $15,972 in 2020.