Gurtin National Municipal Opportunistic Value Fund

GNMFX

Updated April 23, 2019

Objective

The Fund seeks to provide current income exempt from regular federal income tax while seeking to preserve capital and liquidity.

Primary Portfolio

High-grade municipal securities (maintaining an investment-grade rating from at least one of the three major credit ratings agencies or Gurtin Municipal Bond Management's credit research team) that are exempt from federal and state income tax

Overview

Fund Overview

Higher potential tax-free income for investors

The Fund seeks to provide current income exempt from regular federal income tax while seeking to preserve capital and liquidity.

Why Invest In This Fund

A flexible approach to unlocking alpha

The Fund maintains a patient, disciplined, and opportunistic approach to finding value in high quality municipal bonds (i.e. maintaining an investment-grade rating from at least one of the three major credit ratings agencies or as rated internally by the sub-adviser, Gurtin Municipal Bond Management) and has the ability to invest across the entire municipal yield curve. Duration of the Fund will vary based on where along the yield curve there is perceived value in the market.

Disciplined discovery of high-grade opportunities in volatile markets

Using proprietary quantitative and credit research, the Fund seeks to take advantage of inefficiencies within the municipal bond market to identify value in mispriced callable bonds and in credits that the firm considers to be financially resilient yet misunderstood by the market. By capitalizing on periods of market dislocation, the Fund maintains a long-term goal of capturing value, while patiently waiting for opportunities to selectively purchase high-quality bonds which meet higher yield targets.

Minimizing exposure to excess fund flows for approved investors

Available to investors only through a select group of approved advisors, the Fund seeks to avoid the potential negative effects of excess mutual fund flows on fund investors. Through an approval process that involves advisor education, the Fund is structured to support coinvestment with like-minded buy-and-hold investors who understand the fund’s disciplined management approach.

Our Expertise

The Fund is jointly managed by Jim Grandinetti, Bill Gurtin, Michael Johnson, Brian Hannibal, and Myles Grenier of Gurtin Municipal Bond Management (“Gurtin”), a PIMCO company. Mr. Grandinetti, head of portfolio management, is responsible for fund management and oversight. Mr. Gurtin, Founder, oversees fund strategy and defines structure parameters. Mr. Johnson, chief risk officer, defines the strategic forward vision of the Research and Portfolio Management departments. Mr. Hannibal, CFA, and Mr. Grenier, CFA, conduct trades and analyses. Gurtin serves as a sub-adviser to the Funds.

PRIMARY BENCHMARK

ICE BofAML 7-12 Year US Miscellaneous Municipal Securities Index

PRIMARY BENCHMARK DESCRIPTION

ICE BofAML 7-12 Year US Miscellaneous Municipal Securities Index measures the performance of municipal securities with a remaining term to final maturity greater than or equal to seven years and less than twelve years.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

03/18/2019

CUSIP

72202G299

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Fees & Expenses

Effective as of 03/18/2019
Total Expense Ratio 0.63%
Net Expense Ratio 0.60%
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 07/31/2021 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information.

Prices & Performance

Daily Statistics

All data as of 04/23/2019

NAV $10.23 One Day Return 0.01%
Daily Change $0.00 Daily YTD Return 2.44%
Click here to view Historical Prices
  • Average Annual Returns
  • Cumulative Returns

All data as of

  • Daily
  • Month End
  • Quarter End