PIMCO Model Portfolio Strategies

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Fixed Income


Designed to increase income and return potential while preserving traditional fixed income benefits.

Fixed Income

Tax Aware

Designed to increase after-tax yield returns while preserving traditional fixed income benefits.


Retirement Income

Designed to deliver long-term capital appreciation and inflation protection.



Diversified exposure to global markets, across a broad allocation spectrum.

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Interested in ETFs? Explore PIMCO’s ETF Model Portfolios.

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Spot the Opportunity

Listen to the Latest Portfolio Insights From the Leading Name in Fixed Income.

Justin Blesy (Asset Allocation Strategist) reveals how PIMCO analyzes a world where even risk-free yields 4%.

Ryan McMahon (Global Wealth Management) walks through how PIMCO positions itself at this point in the economic cycle.

Partner With a High-Powered Manager

As the markets become more challenging and your role more complex, having a partner who can work with you to help achieve your clients’ goals is more important than ever. PIMCO has been helping investors achieve their goals for more than 50 years. Our model portfolios leverage our time-tested investment process and active management expertise to help you efficiently deliver innovative investment solutions to your clients.

A focus on helping you actively get – and stay – ahead of the markets

Actively managed underlying funds to help maximize opportunities

Sophisticated risk management platform to support your investment decisions


Standardized performance, current 30-day SEC yields and performance data current to the most recent month end for the PIMCO affiliated funds may be found by clicking on each Fund listed under MODEL FUNDS & COMPOSITION.

Performance quoted represents past performance. Past performance 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 performance shown.


1 The model’s distribution yield is the weighted average distribution yield of the underlying funds. For monthly and quarterly paying funds, the calculation uses the most recently published distribution yield. For annual paying funds, distribution yield is calculated as the last distribution divided by NAV as of the most recent month-end.

2The tax equivalent distribution yield is the distribution is based on a federal tax rate of 40.8 % (Federal tax of 37.00% and Medicate Tax Rate of 3.80%). The Medicare Tax rate is not applicable for taxpayers with Modified Adjusted Gross Income below $200,000 (single filing status), $250,000 (married filing status) and $125,000 (married filing separately status).

Model Statistics reported quarter-end other than Distribution Yield and Total Expense Ratio, which are reported as of most recent month-end. Model statistics are based on the weighted Fund allocation within each model portfolio. The sum of these weighted Funds make up the respective model statistic.

3“Model Funds & Composition” information on this page is updated with a lag following the allocation adjustments that take place at the end of each calendar quarter. The “ current as of” date of the Model Funds & Composition information is refreshed monthly to align with the date of the Model Statistics information but no changes to the allocations of the models are made intra-quarter.

4“Model Statistics” information is updated monthly and published on this page with a lag following month-end. Model statistics are based on the weighted Fund allocation within each model portfolio. The sum of these weighted Funds make up the respective model statistic. Equity Beta is measured against the S&P 500 index. The Model Funds & Composition may be updated during the quarterly update process prior to the Model Statistics and as such the stated as of dates between these data may vary. During these periods the Model Statistics are based on the prior reported Model Funds & Composition, which may be requested from your PIMCO representative.

5The Expense Ratio is based on the weighted average of the underlying PIMCO affiliated and unaffiliated funds. Mutual fund allocations are based on the Institutional Class Shares. Exchange traded funds do not offer share classes. Model expense ratio is subject to change at time of model rebalance. PIMCO intends for the model portfolios to be implemented using the lowest fee class available to the financial advisor, typically the Institutional Class Shares. Funds typically offer different share classes, which are subject to different fees and expenses (which may affect performance), having different minimum investment requirements, and are entitled to different services. The financial advisor, implementing the portfolio determines the appropriate share class for their client. The Expense Ratio for a financial advisor selecting a different share class will vary. Expense Ratio does not reflect any wrap program fees charged by the implementing financial advisor or any other external fees or expenses. The minimum initial investment for Institutional class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors.

A Tax Aware Model Portfolio allocates to a minimum of 50 percent municipal bond funds. A portfolio managed to a Tax Aware Model will experience a taxable event. PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns.

The PIMCO Models described in this material are available exclusively through investment professionals.

PIMCO Models are created based on what Pacific Investment Management Company LLC (together with its affiliates, “PIMCO”) believes to be generally accepted investment theory. In adjusting PIMCO models PIMCO considers, among other things, the results of quantitative modeling. Such quantitative modeling is designed to optimize each Model’s allocation and align with the Model’s investment objective, and takes into account various factors or “inputs”, determined by PIMCO, including third party data, to generate a suggested allocation for the PIMCO Models. PIMCO’s investment team then reviews the quantitative output and adjusts the output to reflect variables, which may include, among other things, the anticipated trade size, target total expense ratio for the Model, and qualitative investment insights. PIMCO Model allocations are ultimately subject to the discretion of PIMCO’s investment team. PIMCO Models are for illustrative purposes only and may not be suitable for all investors. PIMCO Models are not based on any particularized financial situation, or need, and are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other strategy, product or service. Individuals should consult with their own financial advisors to determine the most appropriate allocations for their financial situation, including their investment objectives, time frame, risk tolerance, savings and other investments. Volatility is historical and is likely to change over time. PIMCO has not undertaken, and will not undertake, any analysis to determine any specific models’ suitability for specific investors.

The risks of a PIMCO Model’s allocations will be based on the risks of the PIMCO mutual funds (each, a “Fund”) included in the PIMCO Model’s allocation (“Underlying Fund”). The PIMCO Model’s allocations are subject to the risk that the Underlying Funds and the allocations and reallocation (or “rebalancing”) of the PIMCO Model among the various Underlying Funds may not produce the desired result. The PIMCO Model allocations to Underlying Funds have changed over time and are expected to change in the future. As described above. the selection and weighting process across Underlying Funds is informed based on return estimates driven by PIMCO’s quantitative models and forecasts for key risk factor inputs and forward looking view and risk estimates informed by PIMCO’s analytic infrastructure (“Systems”). These Systems rely heavily on the use of proprietary and nonproprietary data, software, hardware, and intellectual property, including data, software and hardware that may be licensed or otherwise obtained from third parties. The use of such Systems has inherent limitations and risks. Although we take reasonable steps to develop and use Systems appropriately and effectively, there can be no assurance that we will successfully do so. Errors may occur in the design, writing, testing, monitoring, and/or implementation of Systems, including in the manner in which Systems function together. The effectiveness of Systems may diminish over time, including as a result of market changes and changes in the behavior of market participants. The quality of the resulting analysis, including the PIMCO Model allocations depends on a number of factors including the accuracy and quality of data inputs into the Systems, the mathematical and analytical assumptions and underpinnings of the Systems’ coding, the accuracy in translating those analytics into program code or interpreting the output of a System by another System in order to facilitate a change in market conditions, the successful integration of the various Systems into the portfolio selection and trading process and whether actual market events correspond to one or more assumptions underlying the Systems. Management risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results, and that certain policies or developments may affect the investment techniques available to PIMCO in connection with managing the strategy.

PIMCO Model allocations are licensed or otherwise made available to investment professionals. PIMCO Models’ allocations are updated on a defined production cycle. The Underlying Funds are available by prospectus only. Implementing investment professionals may or may not implement the PIMCO Model’s allocation as provided, and actual allocations to Underlying Funds may vary. There are expenses associated with the Underlying Funds in addition to any fees charged by implementing investment professionals. Additionally, the implementing investment professional may include cash allocations, which are not reflected herein.

Model statistics are hypothetical and are provided for illustrative purposes only. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

We employed a block bootstrap methodology to calculate volatilities. We start by computing historical factor returns that underlie each asset class proxy from January 1997 through the present date. We then draw a set of 12 monthly returns within the dataset to come up with an annual return number. This process is repeated 25,000 times to have a return series with 25,000 annualized returns. The standard deviation of these annual returns is used to model the volatility for each factor. We then use the same return series for each factor to compute covariance between factors. Finally, volatility of each asset class proxy is calculated as the sum of variances and covariance of factors that underlie that particular proxy. For each asset class, index, or strategy proxy, we will look at either a point in time estimate or historical average of factor exposures in order to determine the total volatility. Please contact your PIMCO representative for more details on how specific proxy factor exposures are estimated.

A word about risk: All investments contain risk and may lose value. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Inflation-linked bonds (ILBs) issued by a government are fixed income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the U.S. government. Equities may decline in value due to both real and perceived general market, economic and industry conditions. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be appropriate for all investors. Floating rate loans are not traded on an exchange and are subject to significant credit, valuation and liquidity risk.  Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Derivatives and commodity-linked 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. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested. Diversification does not ensure against loss.

For risks associated with a particular Fund, please refer to the Fund’s prospectus.

PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness.  Any tax statements contained herein are not intended or written to be used, and cannot be relied upon or used for the purpose of avoiding penalties imposed by the Internal Revenue Service or state and local tax authorities. Individuals should consult their own legal and tax counsel as to matters discussed herein and before entering into any estate planning, trust, investment, retirement, or insurance arrangement. 

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the 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 investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.

For financial professionals: The implementation of, or reliance on, a model portfolio allocation is left to your discretion. PIMCO is not responsible for determining the securities to be purchased, held and sold for a client's account(s), nor is PIMCO responsible for determining the suitability or appropriateness of a model portfolio allocation or any securities included therein for any of your clients. PIMCO does not place trade orders for any of the your clients' account(s). Information and other marketing materials provided to you by PIMCO concerning a model portfolio allocation -including holdings, performance and other characteristics -may not be indicative of a client's actual experience from an account managed in accordance with the model portfolio allocation.

For Investment Professional use only. Not to be shown or distributed to any other parties.


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Terms & Conditions

The Retirement Income Model Portfolio (Model Portfolio) is a model portfolio maintained and developed by PIMCO that is offered as a strategy for managed accounts. The Model Portfolio is expected to contemplate allocations to investment companies and/or exchange-traded funds that are advised and/or sponsored by PIMCO and/or third-party investment companies and/or exchange-traded funds. An investment in an investment company or exchange-traded fund is subject to the terms and conditions of its prospectus. Managed accounts have a minimum asset level and may not be appropriate for all investors.

The intermediary responsible for implementing the Model Portfolio for a managed account may or may not allocate to underlying investments consistent with the Model Portfolio, and actual allocations to underlying investments may vary. If a cash allocation is not reflected in the Model Portfolio, the intermediary may choose to add one. Accordingly, the investment results presented for the Model Portfolio at any given time may not be the same as the investment results achieved by a managed account that seeks to implement the Model Portfolio. PIMCO does not have investment discretion or authority over investment allocations in investor accounts and use of the Model Portfolio does not establish a fiduciary relationship with PIMCO. PIMCO does not and cannot warrant or guarantee the results that may be obtained by use of the Model Portfolio. Investors should talk to their financial professional for information on other investment alternatives that may be available. In making investment decisions, investors should consider their other assets, income, and investments.

By viewing the information presented on this webpage, you agree to the foregoing terms and conditions and such other terms and conditions as may be described on this webpage.