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Fund Fact Sheet Prospectus Product Highlight Sheets

GIS Capital Securities Fund

ISIN: IE00BLZH2N98

Updated 07 May 2024

Fund Fact Sheet Prospectus Product Highlight Sheets
  • The Fund may use or invest in financial derivative instruments and be subject to various risks (including for e.g. liquidity risk, interest rate risk, market risk, credit risk and management risk etc.) associated with such investments in financial derivative instruments. A Fund’s use of, or investment in, financial derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Participation in the markets for financial derivative instruments involves investment risks and transaction costs to which a Fund may not be subject if such strategies are not used. You should carefully consider these risks prior to making an investment in the relevant Fund. Please refer to the Singapore prospectus for more information.

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  • DAILY NAV (USD)
    10.41
  • DAILY YTD RETURN
    3.07%
  • TOTAL NET ASSETS (USD)
    4,702 MM
    (as of 30/04/2024)
  • TOTAL NET ASSETS (USD)
    4,702 MM
    (as of 30/04/2024)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    19/05/2014
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    19/05/2014

Objective

The primary investment objective of the Fund is to seek to provide focused exposure to attractively priced Capital Securities together with maximum total return, consistent with preservation of capital and prudent investment management.

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Overview

Fund Description

The PIMCO GIS Capital Securities Fund is an actively managed global portfolio that invests primarily in subordinated debt instruments issued by banks, insurance companies, and other specialty finance companies. Most investments will be concentrated in Tier1, Tier 2, and contingent convertible (“CoCo”) Bonds though the fund maintains flexibility to invest across the capital structure.

Investor Benefits

This fund offer investors diversified exposure to higher yielding capital securities which may provide attractive returns relative to bank equities or traditional high yield bonds. PIMCO’s fundamental research, which combines macroeconomic analysis with bottom-up security selection process, seeks to identify the strongest conviction financial issues without being tied to a capital securities benchmark. Potential benefits of this include:

  • Potential for high income and yield
  • Diversification across issuers and regions
  • Flexibility to allocate across the capital structure based on relative value

Fund Specific Risks

In addition to the risks set out in the Prospectus, the overall fund value may be considerably affected by:

A decline in the financial health of an issuer of a fixed income security can lead to an inability or unwillingness to repay a loan or meet a contractual obligation. This could cause the value of its bonds to fall or become worthless. Funds with high exposures to non-investment grade securities have a higher exposure to this risk.

Changes in exchange rates may cause the value of investments to decrease or increase.

The use of certain derivatives could result in the fund having a greater or more volatile exposure to the underlying assets and an increased exposure to counterparty risk. This may expose the fund to larger gains or losses associated with market movements or in relation to a trade counterparty being unable to meet its obligations.

Difficult market conditions could result in certain securities becoming hard to sell at a desired time and price.

Changes in interest rates will usually result in the values of bond and other debt instruments moving in the opposite direction (e.g. a rise in interest rates likely leads to fall in bond prices).

The Fund Advantage

This fund is an efficient way to gain exposure to an actively managed and diversified portfolio of higher-yielding capital securities from financial issuers. PIMCO employs proprietary credit research to these issuers and employs dedicated traders to this sector of the credit market, allowing for potentially advantageous issuer and security selection.

BENCHMARK

ICE BofA SOFR Overnight Rate Index

BENCHMARK DESCRIPTION

ICE BofA SOFR Overnight Rate Index tracks the performance of a synthetic asset paying SOFR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that days fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

19/05/2014

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00BLZH2N98

TICKER

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SEDOL

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SHARE CLASS CURRENCY

CUSIP

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VALOREN

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WKN

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VAG Compliance

Traspasable

Yes

disclosures

This share class aims to pay dividends at the frequency stated above. Dividend payout is not guaranteed.

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Managers

Philippe Bodereau

Portfolio Manager, Head, Credit Research Europe

View Profile for Philippe Bodereau

Matthieu Loriferne

Portfolio Manager, Capital Securities and Financials

View Profile for Matthieu Loriferne

Michael Bogecho

Portfolio Manager, Capital Securities and Financials

View Profile for Michael Bogecho

Eusta Qin

Portfolio Manager

View Profile for Eusta Qin

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 30/04/2024 7.99%
Annualised Distribution Yield2,3 as of 31/03/2024 4.36%
Average Payout Yield Since Inception 2,4,5 as of 30/04/2024 3.10%
Current Yield6 as of 30/04/2024 5.84%
Underlying Portfolio Yield2,7 as of 30/04/2024 4.15%
Average Annualised Distribution Yield as of 31/03/2024 4.33%
Latest Dividend Distribution2,4,8 as of 27/03/2024 (USD) 0.11299
Dividend Distribution (YTD) 2,4,9 as of 27/03/2024 (USD) 0.11299
Average Distribution Since Inception (per annum) 2,4,10 as of 27/03/2024 (USD) 0.31846

Composition of Historical Dividend Distribution

Ex-Dividend Date {{ overviewDataJSON.dividend_currency_nav }} % of Distribution from Net Distributable Income % of Distribution from Capital
27/03/2024 0.112992 100.00% 0.00%
28/12/2023 0.111684 100.00% 0.00%
28/09/2023 0.099557 100.00% 0.00%
29/06/2023 0.103845 100.00% 0.00%

disclosures

1PIMCO calculates a Fund's Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO pulls each security's yield to maturity from PIMCO's Portfolio Analytics database. When not available in the PIMCO's Portfolio Analytics database, PIMCO pulls the security's yield to maturity from Bloomberg. When not available in either database, PIMCO will assign a yield to maturity for that security from a PIMCO matrix based on prior data. Yields reported gross of fees, the deduction of which will reduce the yield.
2The dividend amount or dividend distribution rate/yield is based on historical dividend amount or dividend rate/yield. The dividend amount or dividend rate/yields is not guaranteed.
3For funds with quarterly distribution, the annualised distribution yields are annualised on a 12 month calendar year [Annualised distribution yield= ( Dividend Rate * 4 ) / NAV on ex-dividend day]. Dividend is not guaranteed. A positive distribution yield does not imply a positive return.
4Dividend is not guaranteed. Past distributions are not necessarily indicative of future trends, which may be lower. A positive distribution yield does not imply a positive return. Distribution payments of the Fund where applicable, may at the sole discretion of the Fund, be made out of either income and/ or capital of the Fund. In the case of the Fund, the Fund may at its discretion pay dividends out of capital which may result in an immediate reduction of the Fund’s NAV per share. In the case of Income II Shares, the Fund may at its discretion pay dividends out of capital as well as take into account the yield differential arising from share class currency hedging (which constitutes a distribution from capital). The management and other fees payable by the Income II Shares may also be charged to the capital of the Income II Shares, resulting in an increase in distributable income available for the payment of dividends and therefore, the Income II Shares may effectively pay dividends out of capital. This may result in an immediate reduction of the NAV per share for the Income II Shares.
5For share classes that have been incepted for less than one year, the average payout yield is calculated as the cumulation of payout yields since inception [sum of non-annualised distribution yield since inception; non –annualized yield for each period = Dividend Rate / NAV on ex-dividend day]. For dividend-paying share classes that have been incepted for more than one year, the average payout yield is calculated as average annualized dividend yield since inception [sum of annualized dividend yield since inception/ No. of periods since inception].
6Current yield is a security’s annual income (interest or dividends) divided by its current price. The estimate of current yield is based on PIMCO's best judgment for the securities in the portfolio on the date shown. PIMCO makes no representation on the accuracy or the methodology used. Yields reported gross of fees, the deduction of which will reduce the yield.
7The underlying portfolio yield is calculated as estimated current yield net of unified fees for the share class [Current Yield – Unified Fees]. Current yield is a security’s annual income (interest or dividends) divided by its current price. The underlying portfolio yield is based on PIMCO's best judgment for the securities in the portfolio on the date shown. PIMCO makes no representation on the accuracy or the methodology used. Yields reported net of fees.
8Data does not include special cash dividends.
9Data is based on distributions since the most recent calendar year end and does not include special cash dividends.
10For share classes that have been incepted for less than 1 year, the average distribution since inception is calculated on a cumulative basis for the year[sum of dividend amount since inception]. For share classes that have been incepted more than 1 year but less than 10 years, the average distribution since inception is calculated as the average distribution amount since inception [sum of dividend amount since inception/ No. of periods since inception].For share classes that have incepted for more than 10 years, the average distribution is disclosed for the past 10 years. [sum of dividend amount for the past 10 years/ No. of periods for the past 10 years].

Fees & Expenses

Unified Fee11 1.69%

disclosures

11Unified management fee is a single fixed Management Fee out of which the fees of the Investment Advisers, the Administrator and Custodian shall be paid, and certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions where the Funds are registered.

Prices & Performance - Past performance does not predict future returns

Daily Statistics

All data as of 07/05/2024

NAV (USD) 10.41 One Day Return 0.48%
Daily Change (USD) 0.05 Daily YTD Return 3.07%
Daily YTD Return (net of 5% Preliminary Charge) -2.11%

All data as of

All data as of

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.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar Ratings

disclosures

Past performance is not indicative of future performance and no guarantee is being made that similar returns will be achieved in the future. All periods longer than one year are annualised. Performance shown is on a NAV-to-NAV basis in the denominated currency and are net of fees and other expenses and on the assumption that dividends are reinvested, as applicable. Where stated, performance of the Fund is also shown taking into account the maximum preliminary charge of 5%. A preliminary charge of up to 5% may or may not be deducted from the subscription amount depending on the distributor from whom you had purchased shares, as such this may not represent actual performance returns. Investment returns denominated in non-local currency may be exposed to exchange rate fluctuations.
Where no past performance is shown, there was insufficient data in that year to provide performance.
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 also assumes that $10,000 is invested into the fund, after deducting preliminary charges (if any). It does not take into account the effect of taxes. Results are not indicative of future performance.
A rating is not a recommendation to buy, sell or hold a fund. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (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.

Portfolio Composition

All data as of unless otherwise stated

Duration in Years

Effective Duration (yrs) 3.70

Capital Structure Positioning
Market Value %

Senior 8.93
Tier 2 8.45
Tier 2 CoCo 1.39
Tier 1 & Preferred 6.11
Additional Tier 1 63.85
Equity 0.00
Bank Loans 0.00
Non-Financials 13.78
Net Short Duration Instruments -2.50

Risk Characteristics

Standard Deviation12 8.85
Sharpe Ratio13 0.27
Information Ratio14 0.25
Tracking Error15 8.87

Sector Allocation
Market Value %

Banking 85.09
Insurance 3.63
Finance Corporation 0.00
Government 20.98
Non-Financials -7.20
Net Short Duration Instruments -2.50

Region Exposure (MV%)

Eurozone 52.39
United States 31.34
United Kingdom 17.51
Europe non-EMU 5.14
Dollar Block 2.16
Japan 1.98
EM - Latin America 0.27
EM - CEEMEA 0.02
Other Industrialized Countries 0.00
EM - Asia 0.00

disclosures

12Standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk). For share classes that have incepted for at least 1 year; the standard deviations are calculated using the monthly after fee returns of the share classes since inception and annualizing it.
13The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the portfolio returns.
14The information ratio is defined as the portfolio's excess return per unit of risk, or tracking error. For example, an information ratio of 1 means that a portfolio manager generates 100 basis points, or one percent of excess return for every 100 basis points of risk taken.
15Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
Effective Duration: Measure of a bond portfolio's (or a bond's) price sensitivity to changes in interest rates. It is a weighted maturity at present value of all principal and interest payments.

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Disclosures

Source: PIMCO, index provider for benchmark data.

A rating is not a recommendation to buy, sell or hold a fund. Past performance is not an indicator of future results.
Investment involves risk including possible loss of the principal amount invested. PIMCO Funds: Global Investors Series plc is an umbrella type open-ended investment company with variable capital and is incorporated with limited liability under the laws of Ireland with registered number 276928. PIMCO Funds: Global Investors Series plc has appointed PIMCO Asia Ptd Ltd as the Singapore Representative. The Fund may use or invest in financial derivative instruments and be subject to various risks (including for e.g. liquidity risk, interest rate risk, market risk, credit risk and management risk etc.) associated with such investments in financial derivative instruments. The Fund’s use of, or investment in, financial derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Participation in the markets for financial derivative instruments involves investment risks and transaction costs to which the Fund may not be subject if such strategies are not used. You should carefully consider these risks prior to making an investment in the Fund. Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information is contained in the Fund’s Singapore Prospectus which is available and can be obtained from our website www.pimco.com.sg or by contacting the Singapore Representative or a distributor of the Fund. Prospective investors should read the Fund's Singapore Prospectus before deciding whether to subscribe for or purchase shares in any of the Funds. Investors may also wish to seek advice from a financial adviser before making a commitment to invest and in the event you choose not to seek advice, you should consider whether the investment is suitable for you. The value of shares of the Fund and the income accruing to them, if any, may fall or rise. The Funds typically offer different share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. Unless otherwise stated in the prospectus, the Fund referenced in this material is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this material is made solely for risk or performance comparison purposes.