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Benefits from PIMCO's proprietary credit research, a key advantage in a municipal bond market that has become increasingly complex and subject to credit risk.
Seeks to improve market access and pricing to provide best execution based on institutional presence.
Designed to generate an attractive, predictable stream of income with an emphasis on capital preservation; PIMCO's national ladders are exempt from federal taxes while the California ladders are exempt from federal and, in most cases, California income taxes.
Minimum average portfolio rating of A+ (by either S&P or Moody's).
No exposure to issues subject to the alternative minimum tax (AMT) at time of purchase.
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The Cost of Customizing Muni Bond Portfolios
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As with all of our strategies, PIMCO Municipal Ladder Managed Account is guided by our top - down global macroeconomic outlook. Rigorous bottom - up analysis drives the municipal bond selection process and facilitates the identification and analysis of undervalued securities.
PIMCO has been managing municipal assets since 1997 and we are among the largest investors in the space today - our size and breadth in this sector may provide economies of scale benefits for investors, such as pricing and transaction cost advantages.
PIMCO focuses on generating tax - efficient income and capital preservation by investing in high quality municipal bonds that are exempt from federal taxes. (In most cases, the California ladders are also exempt from California income taxes.) We seek well - structured municipal bonds that provide appropriate compensation for risks relating to calls, credit quality, liquidity, tax liabilities and market supply - demand conditions.
Our laddered portfolios seek to diversify sector and issuer exposure and are constructed using high quality municipal bonds whose maturities are staggered from one to six, 12 or 18 years – ranges chosen specifically in an effort to add value. For example, the PIMCO 1 - 6 Year National Municipal Ladder includes a sixth year because most short-term municipal investors buy out to five years. Through this modest extension of duration, we aim to capture the pickup in yield that typically arises from lower demand for six-year issues. Similarly, our 1 - 12 Year National and California Ladders have the potential to benefit from reduced investor demand for maturities beyond 10 years, and our 1 - 18 year ladders may provide similar yields to 20 - year ladders with lower interest rate risk. Additionally, the portfolio will not invest in municipal bonds subject to the alternative minimum tax (AMT).
Head of Municipal Bond Portfolio Management
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.