Emerging Markets Currency and Short-Term Investments Fund

PLMPX

Updated December 13, 2019

Objective

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

Primary Portfolio

Currencies or fixed income securities denominated in currencies of non-U.S. countries (0-2 yr. avg. duration)

Overview

Fund Overview

Active exposure to EM currencies

For investors looking to enhance their emerging markets (EM) allocations or hedge against the U.S. dollar, the fund provides actively managed access to a broad range of currencies.

Why Invest In This Fund

Attractive return and hedging potential

The fund invests primarily in currencies of EM countries, and is actively managed to capture the growth potential of their strengthening economies and fiscal reforms. The fund may also serve as a hedge against the U.S. dollar, which is expected to weaken over the long term.

Enhanced portfolio diversification

EM local currency instruments have had low historical correlations with other fixed income assets, such as U.S. Treasuries, and may help enhance overall portfolio diversification. While diversification can reduce risk, it does not guarantee a profit or necessarily protect against loss.

EM and foreign currency expertise

PIMCO has a long history analyzing EM bonds, as well as significant expertise in currency hedging and investment. The fund’s team draws on our global infrastructure and macroeconomic forecasts to evaluate relative country prospects and position for anticipated changes.

Our Expertise

The fund is managed by Pramol Dhawan, a managing director and co-chair of the emerging markets portfolio committee with 15 years of experience and Ismael Orenstein, a senior vice president in our Newport Beach office with 13 years of experience. The expert team draws on our time-tested investment process, which combines macroeconomic forecasting with rigorous bottom-up credit research. PIMCO has been managing EM portfolios since 1997.

PRIMARY BENCHMARK

JPMorgan Emerging Local Markets Index Plus (Unhedged)

PRIMARY BENCHMARK DESCRIPTION

JPMorgan Emerging Local Markets Index Plus (Unhedged) tracks total returns for local-currency-denominated money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. It is not possible to invest directly in an unmanaged index.

SECONDARY BENCHMARK

JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged)

SECONDARY BENCHMARK DESCRIPTION

JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged) tracks total returns for local-currency-denominated money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. It is not possible to invest directly in an unmanaged index. For periods prior to May 2010, the JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged) contains back-tested index data which re-calculates the index return using bid-side FX Spot, Forwards, and LIBOR rates.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

04/30/2008

CUSIP

72201M834

RELATED

We see emerging markets potentially approaching a pivot point over the coming six months toward recovery or weaker growth.

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A new round of reforms could help maintain the delicate balance between growth and financial prudence.

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The overall tone at the mid-April meetings of the International Monetary Fund and the World Bank Group in Washington, DC, was optimistic, albeit mindful of the differentiated political and idiosyncratic risks across emerging markets.

Read More

Managers

Ismael Orenstein began managing the fund on 2 May 2019.

Pramol Dhawan

Head of Emerging Markets Portfolio Management

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Ismael Orenstein

Portfolio Manager, Emerging Markets

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) 1 as of 11/30/2019 3.64%
1 - Day Distribution Yield as of 12/13/2019 -
30-Day SEC Yield as of 11/30/2019 2.89%
Latest Dividend Distribution ($ Share)2 as of 11/29/2019 $0.024454860
Dividend Distribution (YTD) 3 as of 11/29/2019 $0.301153030
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 0.98%
Adjusted Expense Ratio 0.95%
The Adjusted Expense Ratio 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 12/13/2019

NAV $8.02 One Day Return -0.10%
Daily Change $-0.01 Daily YTD Return 4.35%

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.

Class A-2 common shares launched on 28 October 2019 which is later than the inception date of the Fund. For all periods prior to the launch of the Class A-2 shares, performance information shown is that of the Fund's Institutional Class shares, adjusted to reflect the distribution and/or servicing fees and other expenses paid by the Class A-2 shares. The maximum offering price (MOP) returns take into account the 3.00% maximum initial sales charge.

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

Growth of $10,000 (hypothetical)

Morningstar and Lipper

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.
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. © 2019 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

Top 10 Currency Exposure

Mexico 10.05