The currency market is one of the largest and most liquid financial markets in the world. Currencies like the U.S. dollar, the euro and the yen trade in the foreign exchange (FX) market 24 hours a day, fluctuating in value relative to each other almost constantly.

PIMCO’s FX Strategy taps this market, representing the full expression of PIMCO’s best currency investment ideas and leveraging both our deep macroeconomicexpertise and our extensive quantitative research capabilities. Our approach seeks to generate returns by exploiting structural inefficiencies and valuation misalignments in global currency markets, while explicitly managing downside tail risk.

PIMCO’s FX Strategy employs a three-pronged approach combining quantitative, qualitative and tail risk hedging techniques to provide investors an efficientand risk-aware opportunity to benefit from secular changes and shifting valuations in global exchange rates. The FX Strategy is a natural extension of PIMCO’s evolution as a complete global investment solutions provider.


Past performance is not a guarantee or a reliable indicator of future results.All investments contain risk and may lose value. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currencyfluctuations, and economic and political risks, which may be enhanced in emerging markets. Currency rates may fluctuate significantly over short periods oftime and may reduce the returns of a portfolio. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit,management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.Diversification does not ensure against loss.

There is no guarantee that these investment strategies will work under all market conditions and each investor should evaluate their ability to invest fora long-term especially during periods of downturn in the market.

This material contains the current opinions of the manager and such opinions are subject to change without notice.This material has been distributed for informational purposes only and should not be considered as investmentadvice or a recommendation of any particular security, strategy or investment product.