International Bond Fund (U.S. Dollar-Hedged)


Updated May 29, 2020


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

Primary Portfolio

Intermediate maturity hedged non-U.S. fixed-income instruments



Fund Overview

Access opportunities outside the U.S.

PIMCO International Bond Fund (U.S. Hedged) is a globally diversified portfolio with the flexibility to invest in high-quality developed countries outside the U.S. with limited currency risk. By navigating exposures across different rate environments, growth dynamics, credit profiles, and policy objectives, the fund has demonstrated an ability to deliver attractive returns while reducing overall portfolio volatility.

Why Invest In This Fund

Increased return diversification relative to domestic bonds

Diversifying instruments internationally can help mitigate volatility, and may also grant rich opportunities for solid diversification and the potential for strong risk-adjusted returns over time.

Flexibility to access a broader opportunity set

Over half of the world’s fixed income securities are issued by developed non-U.S. countries. Guided by PIMCO’s global outlook and on-the-ground insights into fundamentals across the globe, the fund may be an excellent building block for high-quality core bond investments.

Time-tested process

Supported by a deep international presence with over 50 global portfolio managers located around the world, the fund capitalizes on PIMCO’s industry leadership and time-tested investment process, which guide portfolio construction via our top-down macroeconomic outlook and rigorous bottom-up credit analysis.


Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index


Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The major components of this index are the Pan-European Aggregate and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds and Canadian Government securities. It is not possible to invest directly in an unmanaged index.


Monthly with Daily Accrual






Scott Mather, CIO U.S. Core Strategies, discusses performance differences amid core bond funds, and how a focus on quality, liquidity and diversification has helped PIMCO Total Return provide portfolio ballast in this crisis.

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Scott Mather, CIO U.S. Core Strategies, talks about the implications of entering a “true credit cycle,” and how the Total Return Strategy is prepared to take advantage of overshoots in the market.

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Andrew Balls

CIO Global Fixed Income

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Sachin Gupta

Head of Global Portfolio Management Desk

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Lorenzo Pagani

Head of European Government Bond Portfolio Management

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Yields & Distributions