Credit Opportunities Bond Fund


Updated August 16, 2019


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

Primary Portfolio

Diversified portfolio of fixed-income instruments of varying maturities


Fund Overview

A flexible approach to global credit markets

The fund adopts a global approach to investing in corporate bonds and other credit sectors with a focus on generating relatively attractive risk adjusted returns over a cycle, but importantly without the industry or issuer influence of a traditional benchmark.

Why Invest In This Fund

Benchmark agnostic return-oriented approach

The fund aims to deliver a similar total return to that of global credit markets with lower volatility, through avoiding potentially undesirable sector or interest rate sensitivity inherent in traditional global fixed income benchmarks. Note that although this strategy may enhance performance, particularly during market declines as it seeks to provide less downside capture versus other credit-oriented strategies, it may lag during strong up markets.

Actively managed across the global credit markets

The fund has the flexibility to access global credit sectors and is primarily invested in high yield and investment grade credit markets, supplemented with selective exposure to emerging markets and securitized credit. Through a discerning investment approach to global corporate and credit markets utilizing long and short exposures, the fund may offer diversification from core fixed income.

Supported by PIMCO’s investment process and credit expertise

Employing a disciplined approach to credit research, the fund accesses PIMCO’s team of more than 65 bottom-up credit investment professionals and utilizes top-down, bottom-up and valuation screens to identify the most attractive opportunities in global credit markets.

Our Expertise

Mark Kiesel was named Morningstar’s 2012 Fixed Income Fund Manager of the Year. A longtime investment manager, he is the CIO Global Credit, global head of PIMCO’s corporate bond portfolio management group and a senior member of the investment strategy and portfolio management group.


3 Month USD LIBOR Index


The 3 Month USD LIBOR (London Interbank Offered Rate) Index is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market. It is not possible to invest in an unmanaged index.








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With more bonds trading at negative yields globally, benchmark-agnostic strategies look compelling.

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Mark R. Kiesel

CIO Global Credit

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Christian Stracke

Global Head of Credit Research

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Yields & Distributions