All Asset All Authority Fund

PAUIX

Updated Aug 3, 2015

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  • DAILY NAV
    $8.76
  • DAILY YTD RETURN
    -2.97%
  • CLASS
    Multi Asset
  • FUND INCEPTION DATE
    10/31/2003
  • TOTAL NET ASSETS
    $15,966 MM
    (as of 06/30/2015)
  • TOTAL NET ASSETS
    $15,966 MM
    (as of 06/30/2015)
  • TICKER
    PAUIX
  • CLASS
    Multi Asset

Objective

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

Primary Portfolio

Underlying PIMCO Funds and actively-managed PIMCO Exchange-Traded Funds

Overview

 

Fund Overview

Dynamic asset allocation targeting strong after-inflation returns

By actively investing in both traditional and alternative asset classes, this fund may help you protect purchasing power, pursue growth potential and diversify key risks across a range of market environments.

Why Invest In This Fund

Seeks high long-term real returns

The fund seeks high real returns (returns above inflation), consistent with its secondary benchmark of CPI +6.5% over a full market cycle. By emphasizing assets with a positive correlation to inflation, the fund aims to meaningfully enhance investors’ long-term purchasing power, regardless if inflation is rising, stable or falling.

Asset allocation across a broad opportunity set

The fund actively allocates across a wide universe of PIMCO mutual funds and ETFs, which covers the spectrum of global stocks and bonds, inflation-related investments and alternative strategies – a dynamic approach that helps it to navigate evolving market conditions and risks.

Diversification potential

By emphasizing assets other than core U.S. stocks and bonds, the fund may serve as a diversifying "third pillar" to support return potential and risk mitigation efforts. These diversifying characteristics may be enhanced through the use of modest leverage and shorting, to amplify or reduce targeted portfolio exposures.

Our Expertise

PIMCO All Asset All Authority Fund delivers two levels of expert management. Asset allocations decisions are managed by its subadvisor, Research Affiliates, LLC, a leading tactical asset allocation firm founded by Robert Arnott. The underlying funds are managed by PIMCO and benefit from our extensive global resources and time-tested investment process.

PRIMARY BENCHMARK

S&P 500 Index

PRIMARY BENCHMARK DESCRIPTION

S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in an unmanaged index.

SECONDARY BENCHMARK

Consumer Price Index + 650 Basis Points

SECONDARY BENCHMARK DESCRIPTION

CPI + 650 Basis Points benchmark is created by adding 6.5% to the annual percentage change in the Consumer Price Index ("CPI"). This index reflects seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the U.S. Bureau of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

10/31/2003

CUSIP

72200Q182

RELATED

Managers

Robert Arnott

Founder and Chairman, Research Affiliates

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 6/30/2015 5.17%
30 - Day SEC Yield2 as of 6/30/2015 4.69%
30 - Day SEC Yield2 as of 8/3/2015 -
30 - Day SEC Yield (Unsubsidized)3 as of 6/30/2015 4.54%
Latest Dividend Distribution ($ Share)4 as of 6/18/2015 $0.07058
Dividend Distribution (YTD)5 as of 6/18/2015 $0.10100
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.

Fees & Expenses

Total Annual Operating Expenses 1.87%
Net Operating Expenses6 1.78%
Net Operating Expenses Ex-interest7 1.24%
Fees & Expenses Footnotes & Disclosures

disclosures

6The net expense ratio reflects a contractual expense reduction agreement through 31 July 2016.
7Ex-interest expenses reflect the accounting treatment of certain investments (e.g., reverse repurchase agreements) but do not reflect actual expenses paid to PIMCO.

Prices & Performance

Daily Statistics

All data as of 8/3/2015

NAV $8.76 One Day Return -0.34%
Daily Change $-0.03 Daily YTD Return -2.97%
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.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Since inception 10/31/2003 to 6/30/2015 = $19,389

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.
Total return performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.
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.
Past performance is not a guarantee or a reliable indicator of future results. For funds with at least a 3-yr history, Morningstar calculates a Morningstar Rating based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees) with an emphasis on downward variations and consistent performance. The top 10% of funds in each 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 is a weighted average of the performance figures for its 3-, 5- and 10-yr (if applicable) Morningstar Rating metrics. Morningstar, Inc.® 2015. All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (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. Hollow stars represent a class of shares with inception dates that is different than the inception date of the fund. For the period prior to the inception date of these shares, performance information is based on the performance of the fund’s Institutional Class shares, adjusted to reflect the actual distribution and/or service (12b-1) fees and other expenses paid by the newer share class.
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

Asset Allocation Market Value %

Short-Term Strategies 1.66
U.S. Core and Long Mat. Bond Strategies 5.13
EM and Global Bond Strategies 25.50
Credit Strategies 21.47
Inflation Related Strategies 15.53
U.S. Equity Strategies 3.92
Global Equity Strategies 25.21
Alternative Strategies 40.79
Leverage on Net Assets -39.20

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 6.66
Sharpe Ratio 0.09
Beta8 0.32
Correlation Coefficient 0.40
Portfolio Composition Footnotes & Disclosures

disclosures

8Beta measures the market related volatility of a portfolio. The beta of the market is 1 by definition. A beta greater than 1 indicates that a portfolios market risk is greater than the overall markets, while a beta less than 1 indicates a lower market risk. It is important to note that having a low market risk does not necessarily imply low volatility. A portfolio may have a low beta while experiencing volatility due to factors independent of the market.
Portfolio information in the charts is based on the fund's net assets. These percentages may differ from those used for the fund's compliance calculations, including the fund's prospectus, regulatory, and other investment limitations and policies, which may be based on total assets of the fund or other measurements, may include or exclude various categories of investments from those covered in the portfolio allocation categories shown in this report, and may be based on different classifications and measurements of the fund’s investments and other criteria.
References to specific sectors, securities or issuers are for illustrative purposes only. All holdings are subject to change daily. All share classes have the same portfolio but different expenses.

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RELATED

Disclosures

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative.  Click here for a complete list of the PIMCO Funds prospectuses and summary prospectuses. Please read them carefully before you invest or send money.
A word about risk:

The fund invests in other PIMCO funds and performance is subject to underlying investment weightings which will vary. 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 the current low interest rate environment increases this risk. Current 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. 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. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. 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. Investing in securities of smaller companies tends to be more volatile and less liquid than securities of larger companies. 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. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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. The cost of investing in the Fund will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. Diversification does not ensure against loss.
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. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.