EqS Long/Short Fund

PMHIX

Updated Jul 31, 2015

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  • DAILY NAV
    $12.42
  • DAILY YTD RETURN
    6.15%
  • CLASS
    Equities
  • FUND INCEPTION DATE
    04/20/2012
  • TOTAL NET ASSETS
    $867 MM
    (as of 06/30/2015)
  • TOTAL NET ASSETS
    $867 MM
    (as of 06/30/2015)
  • TICKER
    PMHIX
  • CLASS
    Equities

Objective

The Fund seeks long-term capital appreciation

Primary Portfolio

Long and short positions of equity and equity-related securities, and cash and cash equivalents

Overview

Fund Overview

High-conviction stock picking with a focus on downside risk mitigation

With the flexibility to increase or decrease equity market exposure, this fund seeks to offer investors access to the long-term benefits of owning stocks while also preserving their capital during extended market declines.

Why Invest In This Fund

Best ideas approach

The fund seeks to provide capital appreciation by constructing a concentrated, high-conviction portfolio of long and short investments. The fund’s ability to take sizeable positions in its best ideas provides the potential for attractive long-term returns, but may also result in volatility in the short-term.

Actively managed equity market exposure

The fund has the flexibility to increase or decrease equity market exposure by adjusting its mix of long, short and cash positions. It will tend to have more equity market exposure when attractive investment opportunities are plentiful and will take steps to reduce equity market exposure when there is an absence of compelling ideas or when risks appear to outweigh reward.

Time-tested investment strategy

The fund integrates bottom-up, fundamental research and top-down macroeconomic views. The strategy has been tested for over a decade through various market environments. PIMCO’s global investment platform and macroeconomic expertise serve to enhance the investment process.

Our Expertise

PIMCO EqS Long/Short Fund is managed by Geoffrey Johnson, an experienced long/short equity investor who began managing this strategy in 2003. Mr. Johnson’s time-tested approach benefits from PIMCO’s economic insights, cyclical and secular views and global investment platform.

PRIMARY BENCHMARK

3 Month USD LIBOR Index

PRIMARY BENCHMARK DESCRIPTION

The 3 Month USD LIBOR (London Interbank Offered Rate) Index is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market. It is not possible to invest in an unmanaged index.

SECONDARY BENCHMARK

S&P 500 Index

SECONDARY 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.

DIVIDEND FREQUENCY

Annually

SHARE CLASS INCEPTION

04/20/2012

CUSIP

72201T540

Managers

Geoffrey Johnson

Portfolio Manager, Long/Short Equity Strategies

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 12/31/2014 0.00%
30 - Day SEC Yield2 as of 6/30/2015 -0.65%
30 - Day SEC Yield2 as of 7/31/2015 -
Latest Dividend Distribution ($ Share)3 as of 12/27/2013 $0.06397
Dividend Distribution (YTD)4 as of 12/27/2013 $0.06397
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.
3Data does not include special cash dividends.
4Data is based on distributions since the most recent calendar year end and does not include special cash dividends.

Fees & Expenses

Total Annual Operating Expenses 2.03%
Net Operating Expenses Ex-interest5 1.49%
Fees & Expenses Footnotes & Disclosures

disclosures

5Ex-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 7/31/2015

NAV $12.42 One Day Return 0.16%
Daily Change $0.02 Daily YTD Return 6.15%
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 1/1/2003 to 6/30/2015 = $42,851

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.

For periods prior to 20 April 2012, the fund’s performance reflects the performance when the fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The fund began operations as a partnership on 1 January 2003 and, on 20 April 2012, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the fund. However, the fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.
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

Sector Allocation Market Value %

Gross Exposure (Long + Short) 103.29
% of Net Assets (Long) 78.26
Net Exposure (Long - Short) 53.23
Net Cash 46.77
% of Net Assets (Short) 25.03
Other 0.00

Equity Statistics

Stocks in Portfolios 79
P/E Ratio (Forward) 18.39
Median Market Cap ($US MM) 12,158.37
Active Share (%) 120.40
P/E Ratio (Trailing) 17.79
Weighted Avg Market Cap ($US MM) 37,239.43
Number of Securities (Long) 32
Number of Securities (Short) 28

Risk Characteristics (Trailing 3 Years)

Upside Market Capture 58.52
Downside Market Capture 13.22
Standard Deviation 9.55
Sharpe Ratio 1.14
Correlation Coefficient 0.45
Beta6 0.31
Max Drawdown -11.53

Top Sectors - Long Market Value %

Consumer Discretionary 19.08
Health Care 18.88
Financials 13.13
Information Technology 10.79
Industrials 9.15

Top Sectors - Short Market Value %

Industrials -4.65
Consumer Discretionary -3.57
Energy -3.13
Financials -3.08
Information Technology -1.75
Portfolio Composition Footnotes & Disclosures

disclosures

6Beta 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.
In the statistics section, P/E Ratio, and Median Market Cap. are the averages of the P/E and market capitalization of the issues held by the fund. P/E is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio.
Forward P/E is based on estimated future earnings as assembled and calculated by FactSet.
Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current share price. Active share measures the proportion of stock holdings in a portfolio’s composition to the composition of its benchmark.

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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.
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.