Global Multi-Asset Fund

PGAIX

Updated June 20, 2018

Objective

The Fund seeks total return which exceeds that of a blend of 60% MSCI All Country World Index/40% Barclays Global Aggregate Index (USD Hedged).

Primary Portfolio

PIMCO Funds (except certain PIMCO asset allocation strategies) as well as other fixed-income instruments, equity securities and other instruments

Overview

Fund Overview

Asset allocation for an evolving world

PIMCO Global Multi-Asset Fund is designed to serve as a flexible, comprehensive asset allocation solution. It seeks to benefit from global opportunities while also limiting downside risks created by today’s evolving and sometimes turbulent marketplace.

Why Invest In This Fund

Forward-looking allocation

PIMCO Global Multi-Asset Fund is an “all-in-one” global asset allocation strategy designed to serve as a core holding in investor portfolios. The fund uses a globally diversified investment approach, allocating across all liquid asset classes, regions, and sectors. It seeks to deliver attractive risk-adjusted returns and consistent outperformance over its benchmark of 60% global stocks and 40% global bonds across a wide range of market environments.

Broad investment opportunity set and flexibility

The fund invests across the full spectrum of liquid asset classes, including global stocks and bonds, real assets, currencies, as well as liquid alternative strategies. The fund has highly flexible investment guidelines and follows a tactical investment approach to quickly adapt to changing market conditions.

Highly experienced investment team

The fund is managed by a highly experienced team with an average of 17 years of investment experience. Senior members of the portfolio management team have extensive background in asset allocation and global cross-asset investing at highly regarded macro hedge funds. This team employs a rigorous and research-driven investment process that combines top-down tactical asset allocation with bottom-up relative value strategies.

PIMCO’s asset class expertise and global presence

The asset allocation portfolio management team leverages PIMCO’s expertise across all asset classes and regions in search of the most compelling investment opportunities. The team draws from PIMCO’s extensive global resources: our rigorously developed global macroeconomic outlook, our deep bench of more than 60 sector and regional specialists, and our robust risk management platform.

Our Expertise

Mihir Worah and Geraldine Sundstrom are lead portfolio managers on the fund and are jointly responsible for asset allocation and overall portfolio construction. They collaborate with the broader asset allocation team, PIMCO’s Investment Committee, and our regional and sector specialists in making top-down asset allocation decisions and employing bottom-up strategies.

PRIMARY BENCHMARK

60% MSCI All Country World Index/40% Bloomberg Barclays Global Aggregate USD Hedged

PRIMARY BENCHMARK DESCRIPTION

The benchmark is a blend of 60% MSCI All Country World Index/40% Bloomberg Barclays Global Aggregate USD Hedged. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 23 emerging market country indices. Bloomberg Barclays Global Aggregate (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities. It is not possible to invest directly in an unmanaged index.

SECONDARY BENCHMARK

MSCI All Country World Index

SECONDARY BENCHMARK DESCRIPTION

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 23 emerging market country indices. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

10/29/2008

CUSIP

72201P100

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Managers

Mihir P. Worah

CIO Asset Allocation and Real Return

View Profile

Geraldine Sundstrom

Portfolio Manager, Asset Allocation

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) 1 as of 03/31/2018 1.94%
1 - Day Distribution Yield as of 06/20/2018 -
30 - Day SEC Yield2 as of 05/31/2018 2.79%
30 - Day SEC Yield2 as of 06/20/2018 -
30 - Day SEC Yield (Unsubsidized)3 as of 05/31/2018 2.55%
Latest Dividend Distribution ($ Share)4 as of 06/14/2018 $0.12643
Dividend Distribution (YTD) 5 as of 06/14/2018 $0.21313
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 1.32%
Net Operating Expenses6 1.08%
Fees & Expenses Footnotes & Disclosures

disclosures

6The net expense ratio reflects a contractual expense reduction agreement through 31 July 2018.

Prices & Performance

Daily Statistics

All data as of 06/20/2018

NAV $12.53 One Day Return 0.24%
Daily Change $0.03 Daily YTD Return -0.14%
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.
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 32.18
Developed ex-US Equities 20.36
Emerging Markets Equities 8.80
US Fixed Income 21.31
Developed ex-US Fixed Income -29.18
Emerging Markets Fixed Income 11.58
Commodities -0.46
Net Other Short Duration Instruments 35.42

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 8.03
Sharpe Ratio7 0.47
Information Ratio8