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A risk - focused, actively managed portfolio that aims to deliver tax - efficient returns by investing in municipal bonds that are exempt from Federal taxes and the alternative minimum tax (AMT) at time of purchase. Municipal bonds may be subject to State and local taxes.
Managed by an expert municipal team led by David Hammer, supported by one of the industry's leading credit research teams.
The strategy seeks to take advantage of PIMCO's substantial market presence, which may result in economies of scale and greater, more efficient access to opportunities.
Use of a PIMCO managed commingled fund within the portfolio offers a number of potential advantages, including greater flexibility and diversification, and the ability to invest selectively in high yield municipal bonds.
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Our investment process utilizes both "top - down" and "bottom - up" strategies. Top - down strategies are deployed from a macro view of the portfolio driven by our secular outlook of the forces likely to influence the economy and financial markets over the next three to five years and our cyclical views of two - to four - quarter trends. Implementation in portfolios is effected by selecting securities that achieve the designated objectives. The municipal team views this framework through the lens of tax - exempt investing, integrating bottom - up research to select individual securities for managed account portfolios.
All of PIMCO's municipal bond strategies rely on our core competency in fixed income management, with the objective of maximizing tax - advantaged income while emphasizing capital preservation. PIMCO has been managing municipal assets since 1997 and we are among the largest investors in the space today with over $40 billion AUM as of 31 December 2015. Our 18 - member municipal team is headed by David Hammer. Critically, our team of twelve dedicated municipal analysts taps into the expertise of more than 75+ firm - wide credit analysts. Together, they continually monitor the credits we purchase, with the aim of guarding portfolios from the adverse impact of a negative credit event.
PIMCO Municipal Bond managed account portfolios are constructed with two components: a core segment of individual bonds that act as a foundation; and a commingled vehicle built to complement these holdings. The core segment represents approximately 75% of the overall portfolio and focuses on high quality individual municipal bonds. The commingled vehicle makes up the balance of the portfolio and provides access to specialized investment strategies. This innovative structure allows individual accounts the flexibility to pursue a broader range of tax - advantaged, risk - return opportunities.
Head of Municipal Bond Portfolio Management
Portfolio Manager, Municipal Bonds
Portfolio Manager, PIMCO Municipals
Past performance is not a guarantee or a reliable indicator of future results.
The managed account strategies described in this material are offered by Pacific Investment Management Company LLC and are available exclusively through financial professionals. Managed accounts have a minimum asset level and may not be suitable for all investors. Financial professionals seeking more information should contact their managed accounts department or call their PIMCO representative.
Individual account holdings will vary depending on the size of an account, cash flows and account restrictions. Portfolio holdings are subject to change daily without notice. At any time an individual account managed in this strategy may or may not include securities held by another portfolio. Consequently, any particular account may have portfolio characteristics and performance that differ from another individual account in this strategy.