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Strategy OverviewPIMCO’s Global Credit Opportunity strategy (GCOS) aims to provide investors with pure credit alpha across multiple credit markets. By focusing on relative value strategies and owning highly diversified assets, GCOS is expected to have very low correlation to traditional market betas. GCOS represents PIMCO’s best relative value credit ideas and seeks to take advantage of opportunities in the broader global credit markets, including U.S. corporate credit, European corporate debt, high yield bonds, emerging market debt and a broad range of asset-backed securities.
PIMCO’s experience, expertise and global resources enable us to identify and seek to exploit multiple, diversified sources of potential returns in the global credit markets. Bottom-up relative value strategies draw on the expertise of PIMCO’s specialist teams to capitalize on market mispricings within and across different credit markets.
Past performance is not a guarantee or a reliable indicator of future results. All investments contain risk and may lose value. Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor there is no assurance that the guarantor will meet its obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. PIMCO strategies utilize derivatives which may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. Diversification does not ensure against loss.
This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626. ©2014, PIMCO.
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