CommodityRealReturn Strategy Fund®

PCRIX

Updated December 05, 2019

Objective

Seeks maximum real return, consistent with prudent investment management

Primary Portfolio

Commodity Index-linked derivative instruments backed by a portfolio of inflation-indexed bonds and other fixed income securities

Overview

Fund Overview

Bolster inflation-fighting potential

Harnessing PIMCO’s innovative Double Real® approach, the fund allows investors to access broad commodity market returns, with enhanced return potential from Treasury Inflation-Protected Securities (TIPS) collateral.

Why Invest In This Fund

A Double Real index strategy

The fund seeks to capture the performance potential of commodities through derivative exposure to the broad-based Bloomberg Commodity Index. The fund collateralizes this exposure with a portfolio of TIPS that is designed to serve as an additional source of return and inflation hedge.

Inflation-hedging, diversification potential

Commodities have had a positive correlation with inflation, typically appreciating when inflation spikes; they also have had low or negative correlation with stocks and bonds, which can enhance portfolio diversification. It should be noted that commodities may be volatile and that diversification doesn’t protect against loss.

Combined expertise

The fund seeks to capitalize on PIMCO’s long-standing experience in commodity-linked derivatives and TIPS. The management team looks to add value by avoiding the inefficiencies of passive commodity indexing, seeking out additional excess return opportunities within commodity markets and actively managing the collateral portfolio.

Our Expertise

The strategy is managed by veteran investors Mihir Worah, CIO Real Return and Asset Allocation and head of the real return and multi-asset portfolio management teams, Nicholas Johnson, Greg Sharenow, and Steve Rodosky. A leading global commodities manager, PIMCO launched its first enhanced index strategy two decades ago and its first commodity-linked strategy in 2002.

PRIMARY BENCHMARK

Bloomberg Commodity Index Total Return

PRIMARY BENCHMARK DESCRIPTION

Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by US T-bills. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

06/28/2002

CUSIP

722005667

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Managers

Greg Sharenow began managing the fund on 1 November 2018. Steve Rodosky began managing the fund on 9 January 2019.

Mihir P. Worah

CIO Asset Allocation and Real Return

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Nicholas J. Johnson

Porfolio Manager, Commodities

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Greg E. Sharenow

Portfolio Manager, Real Assets

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Steve A. Rodosky

Portfolio Manager, Real Return and Long Duration

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Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) 1 as of 09/30/2019 5.00%
1 - Day Distribution Yield as of 12/05/2019 -
30-Day SEC Yield as of 10/31/2019 0.22%
Latest Dividend Distribution ($ Share)2 as of 09/12/2019 $0.08476
Dividend Distribution (YTD) 3 as of 09/12/2019 $0.19745
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.
2Data does not include special cash dividends.
3Data is based on distributions since the most recent calendar year end and does not include special cash dividends.
The 30 day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days.

Fees & Expenses

Effective as of 07/31/2019
Gross Expense Ratio 1.60%
Net Expense Ratio 1.46%
The Net Expense Ratio reflects a contractual fee waiver related to the Fund's subsidiary that will not terminate so long as PIMCO's advisory contract with the Fund's subsidiary is in place.
Adjusted Expense Ratio 0.74%
The Adjusted Expense Ratio is the same as the Net Expense Ratio, but also excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO.

Prices & Performance

Daily Statistics

All data as of 12/05/2019

NAV $5.75 One Day Return 0.35%
Daily Change $0.02 Daily YTD Return 7.39%

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.

There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a fund’s total return in excess of that of the fund’s benchmark between reporting periods or 2) a fund’s total return in excess of the fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a fund’s performance as compared to one or more previous reporting periods.

Calendar Year Returns %

All data as of