Emerging Markets Full Spectrum Bond Fund

PFSIX

Updated Aug 3, 2015

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  • DAILY NAV
    $7.62
  • DAILY YTD RETURN
    -3.78%
  • CLASS
    Fixed Income
  • FUND INCEPTION DATE
    02/25/2013
  • TOTAL NET ASSETS
    $419 MM
    (as of 06/30/2015)
  • TOTAL NET ASSETS
    $419 MM
    (as of 06/30/2015)
  • TICKER
    PFSIX
  • CLASS
    Fixed Income

Objective

The Fund seeks maximum total return, consistent with prudent investment management

Primary Portfolio

A broad range of emerging market fixed income assets

Overview

Fund Overview

Single entry to the full EM bond toolkit

The fund is designed to offer investors a comprehensive solution to emerging markets (EM) fixed income exposure, with dynamic asset allocation decisions based on PIMCO’s evolving assessments of the global economy and markets.

Why Invest In This Fund

Dynamic exposure to EM bonds

The fund allows investors to gain strategic exposure to the growing EM fixed income universe. Ongoing tactical asset allocation adjustments are based on PIMCO’s assessments of the global economy and markets, and relative values among EM fixed income classes. Exposures are gained primarily through PIMCO’s EM funds, although the fund may also hold other funds and individual securities.

Attractive return potential

The fund’s ability to invest across diverse EM fixed income classes – including local government bonds and U.S. dollar-denominated sovereign and corporate securities – allows it to capture compelling spread, yield and exchange rate opportunities through shifting market conditions, while also managing the risks associated with EM.

Extensive EM experience

PIMCO’s emerging markets team averages 12 years of experience analyzing sovereign creditworthiness, assessing policy developments, and trading across a wide range of market environments. The fund’s actively managed approach combines PIMCO’s top-down insights with intensive bottom-up country and corporate credit analysis.

Our Expertise

PIMCO Emerging Markets Full Spectrum Bond Fund is managed by Michael Gomez, co-head of PIMCO’s EM team and a professional with nearly two decades of investment experience. The team, strategically located around the world, draws on our time-tested investment process, which combines macroeconomic forecasting with rigorous bottom-up credit research. PIMCO has been managing EM portfolios since 1997.

PRIMARY BENCHMARK

50% JPMorgan Global Bond Index Emerging Markets-Global Diversified, 25% JPMorgan Emerging Markets Bond Index Global and 25% JPMorgan Corporate Emerging Market Bond Index Diversified

PRIMARY BENCHMARK DESCRIPTION

The Fund's benchmark index is a blend of 50% JPMorgan Global Bond Index Emerging Markets- Global Diversified, 25% JPMorgan Emerging Markets Bond Index Global and 25% JPMorgan Corporate Emerging Market Bond Index Diversified. The JPMorgan Global Bond Index Emerging Markets - Global Diversified is a uniquely-weighted version of the Emerging Markets Bond Index Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries' eligible current face amounts of debt outstanding. The JPMorgan Emerging Markets Bond Index (EMBI) Global tracks total returns for United States Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. JPMorgan Corporate Emerging Market Bond Index Diversified tracks total returns of US dollar-denominated debt instruments issued by corporate entities in Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

02/25/2013

CUSIP

72201U562

Managers

Michael A. Gomez

Head of Emerging Markets Portfolio Management

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 6/30/2015 4.93%
30 - Day SEC Yield2 as of 6/30/2015 5.27%
30 - Day SEC Yield2 as of 8/3/2015 -
30 - Day SEC Yield (Unsubsidized)3 as of 6/30/2015 4.31%
Latest Dividend Distribution ($ Share)4 as of 7/31/2015 $0.032451927
Dividend Distribution (YTD)5 as of 7/31/2015 $0.218213728
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 1.94%
Net Operating Expenses6 0.99%
Fees & Expenses Footnotes & Disclosures

disclosures

6The net expense ratio reflects a contractual expense reduction agreement through 31 July 2016.

Prices & Performance

Daily Statistics

All data as of 8/3/2015

NAV $7.62 One Day Return -0.25%
Daily Change $-0.02 Daily YTD Return -3.78%
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 2/25/2013 to 6/30/2015 = $8,818

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.
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

Top Currency Exposure Market Value %

United States 49.19
Mexico 7.58
Poland 6.87
Turkey 5.44
South Africa 5.29
Indonesia 4.98
Brazil 4.97
Malaysia 3.98
Colombia 3.91
Thailand 3.72
Russia 2.63
Japan -1.42
Romania 1.26
South Korea -0.75
Peru 0.73
Euro Currency -0.69
Philippines 0.66
Hungary 0.63
India 0.63
Singapore 0.31
Israel -0.15
Nigeria 0.14
Chile 0.08
United Kingdom 0.01
China 0.00
Denmark 0.00
Canada 0.00
Hong Kong 0.00
Czech Republic 0.00
Australia 0.00
Switzerland 0.00
Egypt 0.00
Kuwait 0.00
Argentina 0.00
Belgium 0.00
European Union 0.00
Germany 0.00
Greece 0.00
Italy 0.00
Portugal 0.00
Spain 0.00
Saudi Arabia 0.00
Taiwan 0.00
Uruguay 0.00
United Arab Emirates 0.00
Liabilities 0.00

Top Countries, Local Currency Assets

Brazil 0.45
Mexico 0.37
Indonesia 0.35
South Africa 0.33
Poland 0.25
Colombia 0.21
Malaysia 0.20
Turkey 0.15
Thailand 0.13
Russia 0.08

Duration in Years

Effective Duration (yrs) 4.97

Top Countries, USD Assets

Brazil 0.37
Mexico 0.31
Russia 0.24
Colombia 0.16
Indonesia 0.16
China 0.15
Chile 0.14
Turkey 0.11
Kazakhstan 0.09
Thailand 0.09
Portfolio Composition Footnotes & Disclosures

disclosures

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.
Duration is a measure of a portfolio’s price sensitivity expressed in years. Effective duration is the duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change.

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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 funds and performance is subject to underlying investment weightings which will vary. 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. 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. 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. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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 distressed companies (both debt and equity) is speculative and may be subject to greater levels of credit, issuer and liquidity risks, and the repayment of default obligations contains significant uncertainties; such companies may be engaged in restructurings or bankruptcy proceedings. Entering into short sales includes the potential for loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the 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. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.
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.