All Asset Fund

PAAIX

Updated June 20, 2018

Objective

Seeks maximum real return, consistent with preservation of real capital and prudent investment management

Primary Portfolio

Underlying PIMCO Funds and actively-managed PIMCO Exchange-Traded Funds

Overview

Fund Overview

A differentiated approach to asset allocation targeting strong after-inflation returns

By focusing on out of mainstream asset classes and a value-oriented, contrarian investment process, this fund may help investors enhance their long-term return potential while also improving portfolio diversification, reducing volatility and adding an explicit inflation buffer.

Why Invest In This Fund

Long-term return potential

By emphasizing assets that are fundamentally attractive and shifting away from popular asset classes when they are overvalued, the fund is managed in an effort to achieve high real returns (returns above inflation), consistent with its secondary benchmark of CPI +5% over a full market cycle.

Diversification from traditional stocks and bonds

The fund’s access to a global opportunity set may help it achieve its long-term return goals with more attractive diversification characteristics and reduced loss potential than portfolios which rely on mainstream stocks to drive portfolio growth.

Inflation protection

The strategy seeks to combat the effects of inflation through its focus on diversifying “satellite” investments including emerging market bonds and stocks, alternative investments and inflation-related assets which can have a greater responsiveness to rising inflation than mainstream stocks and bonds.

Our Expertise

PIMCO All Asset Fund delivers two levels of expert management. Asset allocations decisions are managed by its subadvisor, Research Affiliates, LLC, a leading tactical asset allocation firm founded by Robert Arnott. The underlying funds are managed by PIMCO and benefit from our extensive global resources and time-tested investment process.

PRIMARY BENCHMARK

Bloomberg Barclays U.S. TIPS: 1-10 Year Index

PRIMARY BENCHMARK DESCRIPTION

Bloomberg Barclays U.S. TIPS: 1-10 Year Index is an unmanaged market index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in an unmanaged index.

SECONDARY BENCHMARK

Consumer Price Index + 500 Basis Points

SECONDARY BENCHMARK DESCRIPTION

CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (CPI). This index reflects seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the U.S. Bureau of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

07/31/2002

CUSIP

722005626

RELATED

Managers

Robert Arnott

Founder and Chairman, Research Affiliates

View Profile

Christopher J. Brightman

Chief Investment Officer, Research Affiliates

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) 1 as of 03/31/2018 4.65%
1 - Day Distribution Yield as of 06/20/2018 -
30 - Day SEC Yield2 as of 05/31/2018 4.71%
30 - Day SEC Yield2 as of 06/20/2018 -
30 - Day SEC Yield (Unsubsidized)3 as of 05/31/2018 4.60%
Latest Dividend Distribution ($ Share)4 as of 06/14/2018 $0.09359
Dividend Distribution (YTD) 5 as of 06/14/2018 $0.15653
Yields & Distributions Footnotes & Disclosures

disclosures

1The distribution yield for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the same date. The distribution yield for annual paying Funds is calculated by taking the annual distribution divided by the Fund’s net asset value on ex-date. The yield is annualized if the Fund incepted less than a year ago. The yield does not include long- or short-term capital gains distributions.
2The 30-Day SEC yield is an annualized yield based on the most recent 30 day period.
3Does not include fee waivers and/or reimbursements.
4Data does not include special cash dividends.
5Data is based on distributions since the most recent calendar year end and does not include special cash dividends.
Unless stated, the Fund does not have an unsubsidized yield.

Fees & Expenses

Total Annual Operating Expenses 1.065%
Net Operating Expenses6 0.925%
Fees & Expenses Footnotes & Disclosures

disclosures

6The net expense ratio reflects a contractual expense reduction agreement through 31 July 2018.
Interest expense results from the Fund’s use of certain investments such as tender option bond floating rate certificates. Such expense is required to be treated as a Fund expense for accounting purposes and is not payable to Pacific Investment Management Company LLC (“PIMCO”). Any interest expense amount will vary based on the Fund’s use of those investments as an investment strategy best suited to seek the objective of the Fund. Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense of the Underlying PIMCO Funds is 0.865%, 0.965%, 1.115%, 1.315%, 1.315%, 2.065% and 1.565% for Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

Prices & Performance

Daily Statistics

All data as of 06/20/2018

NAV $11.73 One Day Return 0.17%
Daily Change $0.02 Daily YTD Return -2.19%
Click here to view Historical Prices
  • Average Annual Returns
  • Cumulative Returns

All data as of

  • Daily
  • Month End
  • Quarter End

All data as of

  • Daily
  • Month End
  • Quarter End
Performance quoted represents past performance and is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than average annual returns shown. Performance quoted does not reflect any sales charges, if applicable, and performance would be lower if it did.

Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index.

No assurance is being made that any fund that may have experienced high or unusual performance for one or more periods will continue to experience such performance. High performance is defined as an unusual growth in alpha between reporting periods or total return when measured to historical returns. Unusual performance is defined as an unusual change in performance (+/-) between reporting periods and the portfolio experienced unusual performance for one or more periods.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar and Lipper

  • Morningstar Ratings
  • Lipper Rankings
Prices & Performance Footnotes & Disclosures

disclosures

Performance figures presented reflect the total return performance after fees and reflect changes in share price and reinvestment of dividend and capital gain distributions on the payable date. All periods longer than one year are annualized.
Total return performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The minimum initial investment for Institutional class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors.
Daily YTD return is from the most recent calendar year end.
Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.
A rating is not a recommendation to buy, sell or hold a fund. © 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Past performance is not a guarantee or a reliable indicator of future results.
Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar, Inc.® 2017. All rights reserved. The information contained herein: (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

Portfolio Composition

All data as of unless otherwise stated

Asset Allocation Market Value %

US Equities 0.27
Developed ex-US Equities 5.90
Emerging Markets Equities 18.12
US Core Bonds 6.38
US Long Maturity Bonds 8.35
Credit 12.02
Inflation Linked Bonds 2.81
Emerging Markets Bonds 18.87
Commodities and REITs 11.14
Alternative Strategies 11.27
Short-Term Bonds 4.88

Risk Characteristics
(Trailing 3 Years)