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

Rhea-AI Summary

AllianzGI Equity & Convertible Income Fund (NYSE: NIE) reported its financial results for the quarter and nine months ending October 31, 2020. The Fund's net assets increased to $757 million from $653 million in 2019. The net asset value (NAV) reached $27.32 per share, up from $23.60 last year. However, net investment income for the quarter was $44,437 compared to $1.1 million in 2019. The Fund's market price was $24.12, reflecting an 11.71% discount to NAV.

Positive

• Increase in net assets to $757 million from $653 million year-over-year.
• Net asset value (NAV) per share rose to $27.32 from $23.60.

Negative

• Net investment income decreased significantly to $44,437 from $1,106,434 year-over-year.
• Net investment income per share fell to $0.00 from $0.04.

AllianzGI Equity & Convertible Income Fund (the "Fund") (NYSE: NIE), a diversified closed-end management investment company which seeks total return comprised of capital appreciation, current income and gains, today announced its results for the fiscal quarter and nine months ended October 31, 2020.

				At October 31,
		2020			2019
Net Assets		$757,033,310			$653,854,464
Shares Outstanding		27,708,965			27,708,965
Net Asset Value ("NAV")		$27.32			$23.60
Market Price		$24.12			$21.83
Discount to NAV		(11.71)%			(7.50)%
				Quarter ended October 31,
		2020			2019
Net Investment Income		$44,437			$1,106,434
Per Share (a)		$0.00*			$0.04
Net Realized and Change in Unrealized Gain		$28,351,683			$3,909,931
Per Share		$1.02			$0.14
				Nine Months ended October 31,
		2020			2019
Net Investment Income		$1,544,433			$3,794,017
Per Share (a)		$0.05			$0.14
Net Realized and Change in Unrealized Gain		$97,427,501			$57,334,070
Per Share		$3.52			$2.07
* Actual amount rounds to less than $0.01.
(a) Calculated on average shares outstanding during the period.

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/20201230005309/en/

FAQ

What are the latest net asset figures for AllianzGI Equity & Convertible Income Fund (NIE)?

As of October 31, 2020, the net assets for AllianzGI Equity & Convertible Income Fund (NIE) are $757 million.

What is the net asset value per share for NIE as of October 31, 2020?

The net asset value (NAV) per share for AllianzGI Equity & Convertible Income Fund (NIE) is $27.32.

How did AllianzGI Equity & Convertible Income Fund (NIE) perform in terms of net investment income for the third quarter of 2020?

The net investment income for the quarter ending October 31, 2020, was $44,437, a decline from $1,106,434 in 2019.

What is the market price and discount to NAV for AllianzGI Equity & Convertible Income Fund (NIE)?

The market price for AllianzGI Equity & Convertible Income Fund (NIE) is $24.12, which reflects an 11.71% discount to its NAV.