Short Asset Investment Fund

PAIDX

Updated June 20, 2018

Objective

Seeks maximum current income, consistent with daily liquidity

Primary Portfolio

Short-term investment grade bonds (average duration is less than or equal to 1.5 yrs.)

Overview

Fund Overview

Higher income potential than traditional cash investments

Yields remain compressed, making it difficult for investors to obtain high quality income without moving beyond their risk tolerance. The fund seeks higher income potential than traditional cash investments, with less volatility than typical short-term bond strategies.

Why Invest In This Fund

High quality portfolio

An actively managed enhanced cash strategy that seeks to dynamically manage risk and liquidity, the fund invests in both high quality money market instruments and a wide range of non-money-market securities such as U.S. Treasury and Agency securities, investment grade credit and high quality structured credit.

Conservative guidelines

The fund’s conservative investment guidelines prohibit investing in high yield securities and limits exposure to other fixed income sectors, which may increase volatility in periods of financial stress. In an effort to minimize total portfolio volatility, the fund’s mandate allows for limited use of derivatives.

Expert management

PIMCO has been managing short-term strategies since 1986 and the fund represents part of a suite of solutions that can meet a broad range of investor needs. We work with a variety of investors – including individuals, corporations, pension plans, foundations and universities – to create liquidity portfolios that best align with their investment objectives.

Our Expertise

The portfolio manager for PIMCO Short Asset Investment Fund is Jerome Schneider, named Morningstar’s 2015 U.S. Fixed Income Fund Manager of the Year. Mr. Schneider is a Managing Director who started his investment career in 1996 and is responsible for supervising all of the firm’s short-term investment strategies.

PRIMARY BENCHMARK

FTSE 3-Month Treasury Bill Index

PRIMARY BENCHMARK DESCRIPTION

FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

05/31/2012

CUSIP

72201U828

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Managers

Jerome M. Schneider

Head of Short-Term Portfolio Management

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) 1 as of 05/31/2018 2.20%
1 - Day Distribution Yield as of 06/20/2018 -
30 - Day SEC Yield2 as of 05/31/2018 2.18%
30 - Day SEC Yield2 as of 06/20/2018 -
30 - Day SEC Yield (Unsubsidized)3 as of 05/31/2018 2.12%
Latest Dividend Distribution ($ Share)4 as of 05/31/2018 $0.018775710
Dividend Distribution (YTD) 5 as of 05/31/2018 $0.082062160
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 0.36%
Net Operating Expenses6 0.29%
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 $10.05 One Day Return 0.01%
Daily Change $0.00 Daily YTD Return 1.05%
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

Maturity %

0-3 mos 53.27
3-6 mos 11.11
6-9 mos 5.53
9-12 mos 36.28
1-3 yrs 10.09
3-5 yrs -16.27
5+ yrs 0.00
Effective Maturity (yrs) -0.13

Duration in Years

Effective Duration (yrs) 0.01

Sector Allocation
Market Value %

US Government Related7 -10.30
Mortgage 17.79
Invest. Grade Credit 47.35
High Yield Credit 0.00
Non-USD Developed 0.00
Emerging Markets8 3.11
Municipal/Other9 19.67
Net Other Short Duration Instruments10 22.38