Global Bond Fund (U.S. Dollar-Hedged)

PGBIX

Updated Jul 29, 2015

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  • DAILY NAV
    $10.27
  • DAILY YTD RETURN
    -0.11%
  • CLASS
    Fixed Income
  • FUND INCEPTION DATE
    02/25/1998
  • TOTAL NET ASSETS
    $519 MM
    (as of 06/30/2015)
  • TOTAL NET ASSETS
    $519 MM
    (as of 06/30/2015)
  • TICKER
    PGBIX
  • CLASS
    Fixed Income

Objective

Seeks maximum total return, consistent with preservation of capital

Primary Portfolio

U.S. and hedged non-U.S. intermediate maturity fixed-income instruments

Overview

Fund Overview

Access high-quality fixed income worldwide

By investing in high-quality, developed countries around the world, the fund provides diverse exposure to multiple economies, interest rates and yield curves, which may enhance return potential, reduce overall portfolio volatility and help mitigate the threat of rising interest rates in the U.S.

Why Invest In This Fund

A global opportunity set

Broadly diversified, the fund strives to capture attractive risk-adjusted returns across the global bond markets, which can help to both mitigate volatility and hedge against risks in other asset classes, such as equities. Diversification does not guarantee a profit or protect against loss.

High-quality emphasis

Guided by PIMCO’s global perspective and on-the-ground insights into country fundamentals, the fund targets a portfolio of primarily investment grade bonds from around the developed world, making this an excellent building block for core bond investments.

Time-tested process

Supported by a deep international presence with over 50 global portfolio managers located around the world, the fund capitalizes on PIMCO’s thought leadership and time-tested investment process, which guide portfolio construction via our top-down macroeconomic outlook and rigorous bottom-up credit analysis.

PRIMARY BENCHMARK

JPMorgan GBI Global Index Hedged in USD

PRIMARY BENCHMARK DESCRIPTION

JPMorgan GBI Global Index Hedged in USD is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

02/25/1998

CUSIP

693390130

Managers

Andrew Balls

CIO Global Fixed Income

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Sachin Gupta

Head of Global Portfolio Management Desk

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Lorenzo Pagani

Head of European Government Bond Portfolio Management

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Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 6/30/2015 1.52%
30 - Day SEC Yield2 as of 6/30/2015 1.75%
30 - Day SEC Yield2 as of 7/29/2015 -
Latest Dividend Distribution ($ Share)3 as of 6/30/2015 $0.012727096
Dividend Distribution (YTD)4 as of 6/30/2015 $0.073790696
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 0.56%
Net Operating Expenses Ex-interest5 0.55%
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 7/29/2015

NAV $10.27 One Day Return -0.09%
Daily Change $-0.01 Daily YTD Return -0.11%
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 10/2/1995 to 6/30/2015 = $35,982

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.
The inception date of the oldest share classes, are the A, B and C share classes. The returns presented are for Institutional shares, which were first offered in 2/98. Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of Class Institutional. Those returns are calculated by adjusting the A Shares returns to reflect the Institutional shares' different charges and expenses. 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

Maturity %

0-1 yrs 57.85
1-3 yrs -28.30
3-5 yrs 19.41
5-10 yrs 37.25
10-20 yrs -0.19
20+ yrs 13.99
Effective Maturity (yrs) 9.56

Duration in Years

Effective Duration (yrs) 6.35

Top Countries Market Value %

Liabilities 0.00
Germany 14.56
Italy 13.82
France 9.22
Japan 26.99
Spain 6.32
United Kingdom 12.22
Australia 2.47
Denmark 0.00
Mexico 2.37

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 3.47
Sharpe Ratio 1.20
Information Ratio 0.80
Tracking Error6 1.42
Portfolio Composition Footnotes & Disclosures

disclosures

6Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
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:

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. 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. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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.