High Yield Spectrum Fund


Updated October 11, 2019


Seeks maximum total return, consistent with prudent investment management

Primary Portfolio

High yield bonds


Fund Overview

Access to the full universe of global high yield bonds

By expanding beyond the boundaries of the U.S. and accessing the full range of credit qualities within the global universe of non-investment-grade bonds, the PIMCO High Yield Spectrum Fund seeks attractive risk-adjusted returns for investors.

Why Invest In This Fund

Broad market representation

The fund represents a broad range of credit qualities, sectors and industries across the globe, supported by PIMCO’s 25 years of high yield experience. Potential benefits of high yield bonds include added portfolio diversification and enhanced returns. Of course, diversification does not ensure against loss.

Risk management

Our security selection process is focused on identifying companies with credit ratings that may not accurately reflect a company’s improving fundamentals, prospects for ratings upgrades and lower risk of default.

Fundamentals remain strong

Default rates for high yield bonds have fallen sharply since 2009, remaining well below their long-term historical average. This, along with improving balance sheets and higher recovery rates when defaults do occur, should continue to bode well for corporate fundamentals.

Our Expertise

PIMCO High Yield Spectrum Fund is managed by Andrew Jessop, a high yield expert with 30 years of investing experience, and Sonali Pier, a seasoned investor with 16 years of experience. The team is supported by PIMCO’s time-tested investment process, global macroeconomic forecasts, proprietary risk-management techniques, and detailed analysis of each security represented in the fund.


ICE BofAML Developed Markets High Yield Constrained (USD Hedged) Index


The ICE BofAML Developed Markets High Yield Constrained (USD Hedged) Index is a subcomponent of the ICE BofAML Global High Yield Constrained (USD Hedged) Index that excludes all non-developed countries. It is not possible to invest directly in an unmanaged index.


Monthly with Daily Accrual






With BB spreads at relatively attractive levels, we believe it’s time to reconsider this overlooked area of high yield credit.

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Sonali Pier began managing the fund on 26 July 2019.

Andrew R. Jessop

Portfolio Manager, High Yield

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Sonali Pier

Portfolio Manager, Multi-Sector Credit

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Yields & Distributions