Global Multi-Asset Fund

PGAIX

Updated Sep 3, 2015

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  • DAILY NAV
    $10.85
  • DAILY YTD RETURN
    -1.63%
  • CLASS
    Multi Asset
  • FUND INCEPTION DATE
    10/29/2008
  • TOTAL NET ASSETS
    $1,044 MM
    (as of 08/31/2015)
  • TOTAL NET ASSETS
    $1,044 MM
    (as of 08/31/2015)
  • TICKER
    PGAIX
  • CLASS
    Multi Asset

Objective

The Fund seeks total return which exceeds that of a blend of 60% MSCI All Country World Index/40% Barclays Global Aggregate Index (USD Hedged)

Primary Portfolio

PIMCO Funds (except certain PIMCO asset allocation strategies) as well as other fixed-income instruments, equity securities and other instruments

Overview

Fund Overview

Asset allocation for an evolving world

PIMCO Global Multi-Asset Fund is designed to serve as a flexible, comprehensive asset allocation solution. It seeks to benefit from global opportunities while also limiting downside risks created by today’s evolving and sometimes turbulent marketplace.

Why Invest In This Fund

Forward-looking allocation

PIMCO Global Multi-Asset Fund is an “all-in-one” global asset allocation strategy designed to serve as a core holding in investor portfolios. The fund uses a globally diversified investment approach, allocating across all liquid asset classes, regions, and sectors. It seeks to deliver attractive risk-adjusted returns and consistent outperformance over its benchmark of 60% global stocks and 40% global bonds across a wide range of market environments.

Broad investment opportunity set and flexibility

The fund invests across the full spectrum of liquid asset classes, including global stocks and bonds, real assets, currencies, as well as liquid alternative strategies. The fund has highly flexible investment guidelines and follows a tactical investment approach to quickly adapt to changing market conditions.

Highly experienced investment team

The fund is managed by a highly experienced team with an average of 17 years of investment experience. Senior members of the portfolio management team have extensive background in asset allocation and global cross-asset investing at highly regarded macro hedge funds. This team employs a rigorous and research-driven investment process that combines top-down tactical asset allocation with bottom-up relative value strategies.

PIMCO’s asset class expertise and global presence

The asset allocation portfolio management team leverages PIMCO’s expertise across all asset classes and regions in search of the most compelling investment opportunities. The team draws from PIMCO’s extensive global resources: our rigorously developed global macroeconomic outlook, our deep bench of more than 60 sector and regional specialists, and our robust risk management platform.

Our Expertise

Mihir Worah and Geraldine Sundstrom are lead portfolio managers on the fund and are jointly responsible for asset allocation and overall portfolio construction. They collaborate with the broader asset allocation team, PIMCO’s Investment Committee, and our regional and sector specialists in making top-down asset allocation decisions and employing bottom-up strategies.

PRIMARY BENCHMARK

60% MSCI All Country World Index/40% Barclays Global Aggregate USD Hedged

PRIMARY BENCHMARK DESCRIPTION

The benchmark is a blend of 60% MSCI All Country World Index/40% Barclays Global Aggregate USD Hedged. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 23 emerging market country indices. Barclays Global Aggregate (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities. It is not possible to invest directly in an unmanaged index.

SECONDARY BENCHMARK

MSCI All Country World Index

SECONDARY BENCHMARK DESCRIPTION

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 23 emerging market country indices. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

10/29/2008

CUSIP

72201P100

RELATED

Managers

Geraldine Sundstrom began managing the fund on 31 July 2015.

Mihir P. Worah

CIO Asset Allocation and Real Return

View Profile

Geraldine Sundstrom

Portfolio Manager, Asset Allocation

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 6/30/2015 0.30%
30 - Day SEC Yield2 as of 7/31/2015 3.31%
30 - Day SEC Yield2 as of 9/3/2015 -
30 - Day SEC Yield (Unsubsidized)3 as of 7/31/2015 3.10%
Latest Dividend Distribution ($ Share)4 as of 6/18/2015 $0.00000
Dividend Distribution (YTD)5 as of 6/18/2015 $0.00000
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.
Unless stated, the Fund does not have an unsubsidized yield.

Fees & Expenses

Total Annual Operating Expenses 1.44%
Net Operating Expenses6 1.01%
Net Operating Expenses Ex-interest7 0.97%
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 9/3/2015

NAV $10.85 One Day Return 0.28%
Daily Change $0.03 Daily YTD Return -1.63%
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 10/29/2008 to 7/31/2015 = $14,921

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.
Prior to 7/31/15, the fund’s primary benchmark was the MSCI All Country World Index. Prior to 7/31/15, the fund’s secondary benchmark was the 60% MSCI All Country World Index/40% Barclays Global Aggregate Index (USD Hedged).
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 %

US Equities 31.99
Developed ex-US Equities 19.68
Emerging Markets Equities 10.84
US Fixed Income 59.20
Developed ex-US Fixed Income 9.43
Emerging Markets Fixed Income 10.48
Commodities 1.18
Net Other Short Duration Instruments -42.79

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 7.24
Sharpe Ratio 0.43
Information Ratio -1.30
Tracking Error8 4.32
Portfolio Composition Footnotes & Disclosures

disclosures

8Tracking 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.

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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 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. Absolute return portfolios may not fully participate in strong positive market rallies. 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. 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. 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. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. The Fund may seek exposure to commodities through commodity-linked derivatives through the PIMCO Cayman Commodity Fund II Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by PIMCO and may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. 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. 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. 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. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. 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.