TRENDS Managed Futures Strategy Fund


Updated Oct 2, 2015


    Liquid Alternatives
    $443 MM
    (as of 09/30/2015)
    $443 MM
    (as of 09/30/2015)
    Liquid Alternatives


Seeks positive, risk-adjusted returns, consistent with prudent investment management

Primary Portfolio

Futures contracts and other derivatives providing exposure to pricing trends in the global financial and commodity markets


Fund Overview

Capturing momentum for both return and diversification potential

The fund seeks to capture momentum across major asset classes, including equities, interest rates, commodities and currencies. It follows a disciplined trading approach informed by PIMCO’s proprietary quantitative analytics and market knowledge and draws on our global trading platform and active fixed income management to add additional sources of value.

Why Invest In This Fund

A liquid alternative investment strategy

An allocation to PIMCO’s liquid alternative strategies offers investors potential for attractive returns that may exhibit a low-to-negative correlation to traditional asset classes such as core equities and bonds, and may be beneficial as part of a diversified portfolio.

Diversification and left-tail management

Historically, managed futures have generated attractive positive returns while displaying a low-to-negative correlation with risk assets, and have had their largest returns during equity market selloffs. The fund seeks to efficiently capture these returns in a liquid, accessible format, which may enhance portfolio diversification and help mitigate portfolio risk.

Performance potential through changing markets

Because the fund can take long and short positions across a wide variety of asset classes, it has the potential to generate positive returns in any market environment. In addition to the fund’s sophisticated quantitative approach, investment decisions are influenced by PIMCO’s rigorous investment process with additional return potential coming from the actively managed collateral portfolio.

Our Expertise

The experienced management team is led by Vineer Bhansali – managing director and head of PIMCO’s quantitative investment portfolios and includes Matthew Dorsten, senior vice president, who focuses on quantitative strategies and passive replication and Graham Rennison, senior vice president, who focuses on multi-asset class systematic strategies.


3 Month USD LIBOR Index


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.









Vineer Bhansali

Portfolio Manager, Head of Quantitative Investing

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Matt Dorsten

Portfolio Manager, Quantitative Strategy

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Graham A. Rennison

Quantitative Portfolio Manager

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Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 6/30/2015 8.57%
30 - Day SEC Yield2 as of 8/31/2015 -0.31%
30 - Day SEC Yield2 as of 10/2/2015 -
30 - Day SEC Yield (Unsubsidized)3 as of 8/31/2015 -0.56%
Latest Dividend Distribution ($ Share)4 as of 9/17/2015 $0.19882
Dividend Distribution (YTD)5 as of 9/17/2015 $0.41699
Yields & Distributions Footnotes & 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 1.43%
Net Operating Expenses6 1.15%
Fees & Expenses Footnotes & Disclosures


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

Prices & Performance

Daily Statistics

All data as of 10/2/2015

NAV $10.10 One Day Return -0.30%
Daily Change $-0.03 Daily YTD Return -3.63%
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 12/31/2013 to 8/31/2015 = $11,300

Morningstar and Lipper

  • Morningstar Ratings
  • Lipper Rankings
Prices & Performance Footnotes & 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

Percent of Risk Allocation %

Equity 49.70
Rates 29.28
Currency 12.52
Commodity 8.50
Portfolio Composition Footnotes & 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.


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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 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. The fund will seek exposure to commodities through commodity-linked derivatives and through the PIMCO Cayman Commodity Fund VIII 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 has the same investment objective as the Fund. The Subsidiary (unlike the Fund) 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. 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. 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. 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. 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. The models evaluate securities or securities markets based on certain assumptions concerning the interplay of market factors. Models used may not adequately take into account certain factors, may not perform as intended, and may result in a decline in the value of your investment, which could be substantial. The Fund is non-diversified, which means that it may concentrate 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.