Bonds That Last

For more than 50 years, we’ve been creating fixed income strategies for every market environment.

Why Bonds

Today, market uncertainty is no longer the exception, but the norm. In times like these, bonds matter more than ever, offering important benefits to investors.

Invest for Income

Earning income is an important goal for many investors, and they have often relied on bonds to help them achieve it. At over $120 trillion1, the vast global bond market offers your clients a range of opportunities to pursue attractive income and total return potential, depending on their tolerance for risk.

The Possibilities of Fixed Income: A Vast Opportunity Set

Source: SIFMA, Bank of International Settlement (BIS), IMF as of 31 December 2021.

Preserve Principal and Diversify

Historically, bonds have offered greater stability than riskier investments such as stocks. Explore how bonds can help your clients diversify their portfolios and mitigate the potential impact of market volatility.

Bond Drawdowns Have Been Much Less Severe


Worst Year: 2008



Worst Year: 1994


Source: Morningstar Direct. Chart shows U.S. stock and bond declines beginning 31 March 1992 and ending 31 March 2022. Stocks are represented by the S&P 500 Index, bonds by the Bloomberg Barclays U.S. Aggregate Index. Worst years are calendar years. It is not possible to invest directly in an unmanaged index.

Pursue Stronger Returns

While many investors are familiar with government bonds, such as U.S. Treasuries, fixed income is an immense asset class that spans the risk-reward spectrum. For skilled active managers, this universe represents a world of possibilities for pursuing return potential.

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Range of Targeted Returns Compared to Expected Risk

Targeted Net Returns
  • Cash
  • Short-Term Bonds
  • Core Bonds
  • High Yield Bonds
  • Equities
  • Private Credit
  • Private Equity
Low Relative Expected Risk High
Source: PIMCO. For illustrative purposes only.

At the Forefront of Fixed Income

For more than 50 years, PIMCO has navigated shifting market conditions to become the global fixed income leader we are today.

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75% of Assets Outperforming For Our Clients

Above benchmark performance over a 5-year period (after fees).*

*As of 31 December 2022. SOURCE: PIMCO Based on PIMCO managed portfolios with at least a 5-years history. The after-fees performance of each portfolio was compared to the portfolio's primary benchmark. If the after-fees portfolio performance was greater than the benchmark performance for a given period, the assets in that portfolio were included in the outperforming data. Benchmark outperformance indicates the performance of a portfolio as compared to its benchmark. As such, it does not indicate that a portfolio's performance was positive during any given period. For example, if a portfolio declined 3% during a given period, and its benchmark declined 4%, the portfolio would have outperformed its benchmark, even though it lost value during the period. Certain absolute return oriented portfolios contained within the data may inflate the data either positively or negatively due to the low return/volatility characteristics of the primary benchmark. For example a portfolio measured against 3-month USD Libor would be more likely to out- or underperform its benchmark. Past performance is not a guarantee or a reliable indicator of future results.
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A Process Tested For more than 50 years

Our process has helped millions of investors pursue returns and manage risks over meaningful timeframes.

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88% of active core bond funds* outperform their benchmark vs. only 20% of active large blend equity funds.

Based on Morningstar U.S. Fund categories (Institutional shares only) over a 10 year period, as of 30 June 2022.
*Combines the Morningstar U.S. Fund Intermediate Core and Core-Plus categories.
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Resources for You and Your Clients

Explore insights and resources to help you learn more about the possibilities of fixed income.

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Income to Outcome: PIMCO’s Framework for Retirement Investing

Income to Outcome: PIMCO’s Framework for Retirement Investing

Learn more about our Retirement Investing framework and how to create personalized retirement income plans for clients nearing or in retirement.

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Investor Take-aways - Credit selection is critical

Why Active Fixed Income Matters More Today

Finding opportunities to enhance yield while managing the growing credit risk aren't possible for passive - but are critical for investors in today's markets.

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  1. Source: SIMFA, Bank of International Settlement (BIS), IMF as of 31 December 2021.
    Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI.
    Intermediate-term core-plus bond portfolios invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index.

A word about risk: All investments contain risk and may lose value. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. 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. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO

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