GIS Diversified Income Fund

ISIN: IE00BK5WW150

Updated 15 October 2021

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  • DAILY NAV (SGD)
    10.21
  • DAILY YTD RETURN
    -0.25%
  • TOTAL NET ASSETS (USD)
    18,612 MM
    (as of 30/09/2021)
  • TOTAL NET ASSETS (USD)
    18,612 MM
    (as of 30/09/2021)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    07/11/2019
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    07/11/2019

Objective

The investment objective of the Diversified Income Fund is to seek to maximise total return, consistent with prudent investment management

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Overview

Fund Description

The Diversified Income Fund provides efficient access to broad global credit market exposure by investing primarily in a diversified pool of corporate and emerging market fixed income securities of varying maturities. The Fund holds both non-US dollar denominated fixed income securities and nonUS dollar currency positions

Investor Benefits

This Fund offers a potentially higher yielding alternative to core fixed income portfolios and low correlation to US, Japanese and German government interest rates

The Fund Advantage

The fund benefits from a diversified approach to macroeconomic views on credit trends, interest rates, duration, currencies and curve positioning.

BENCHMARK

1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, SGD Hedged; ICE BofAML BB‑B Rated Developed Markets High Yield Constrained Index, SGD Hedged; and JPMorgan EMBI Global, SGD Hedged

BENCHMARK DESCRIPTION

The Bloomberg Global Aggregate Credit ex Emerging Markets (SGD Hedged) provides a broad-based measure of the global developed markets investment-grade fixed income markets. The ICE BofAML BB-B Rated Developed Markets High Yield Constrained Index (SGD Hedged) tracks the performance of below investment grade bonds of corporate issuers domiciled in developed market countries rated BB1 through B3, based on an average of Moody's, S&P and Fitch. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. The index is rebalanced on the last calendar day of the month. The JPMorgan EMBI Global (SGD Hedged) tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, Brady bonds, loans, Eurobonds and local market instruments. It is not possible to invest in an unmanaged index.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

07/11/2019

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00BK5WW150

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.

RELATED

Managers

Eve Tournier

Head of European Credit Portfolio Management

View Profile for Eve Tournier

Alfred T. Murata

Portfolio Manager, Mortgage Credit

View Profile for Alfred T. Murata

Daniel J. Ivascyn

Group Chief Investment Officer

View Profile for Daniel J. Ivascyn

Sonali Pier

Portfolio Manager, Multi-Sector Credit

View Profile for Sonali Pier

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 30/09/2021 3.80%
Annualised Distribution Yield2 as of 30/09/2021 3.09%
Average Payout Yield Since Inception 3,4 as of 30/09/2021 3.24%
Current Yield5 as of 30/09/2021 3.25%
Underlying Portfolio Yield6 as of 30/09/2021 2.56%
Average Annualised Distribution Yield as of 30/09/2021 3.00%
Latest Dividend Distribution3,7 as of 29/09/2021 (SGD) 0.07940
Dividend Distribution (YTD) 3,8 as of 29/09/2021 (SGD) 0.23298
Average Distribution Since Inception (per annum) 3,9 as of 29/09/2021 (SGD) 0.32427

Composition of Historical Dividend Distribution

Ex-Dividend Date Dividend Per Share ({{ overviewDataJSON.nav_currency }}) % of Distribution from Net Distributable Income % of Distribution from Capital
29/09/2021 0.079396 97.07% 2.93%
29/06/2021 0.078041 41.60% 58.40%
30/03/2021 0.075544 100.00% 0.00%
30/12/2020 0.076273 97.82% 2.18%

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.
2For 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.
3Dividend 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.
4For 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].
5Current 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.
6The 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.
7Data does not include special cash dividends.
8Data is based on distributions since the most recent calendar year end and does not include special cash dividends.
9For 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 Fee10 0.69%

disclosures

10Unified 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

Daily Statistics

All data as of 15/10/2021

NAV (SGD) 10.21 One Day Return 0.00%
Daily Change (SGD) 0.00 Daily YTD Return -0.25%
Daily YTD Return (net of 5% Preliminary Charge) -5.23%

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

Maturity %

0-1 yrs 0.00
1-3 yrs 0.00
3-5 yrs 36.06
5-10 yrs 47.45
10-20 yrs 4.05
20+ yrs 12.45
Effective Maturity (yrs) 10.04

Risk Characteristics (1 Year)

Standard Deviation11 4.45

Top Industry Sectors
Market Value %

Banks 12.12
Financial Other 4.62
Media Cable 4.20
Automotive 4.03
Independent E&P 3.57
Pipelines 3.29
Real Estate 2.96
Integrated Oil 2.50
Technology 1.76
Transportation Services 1.75

Duration %

0-1 yrs 1.96
1-3 yrs 9.49
3-5 yrs 13.88
5-7 yrs 24.92
7-8 yrs 4.08
8-10 yrs 11.67
10+ yrs 33.99
Effective Duration (yrs) 5.97

Sector Allocation
Market Value %

Government Related12 32.52
Securitized 4.68
Invest. Grade Credit 29.20
High Yield Credit 29.66
Emerging Markets13 24.69
Municipal/Other14 0.23
Net Other Short Duration Instruments15 -20.99

Top 10 Country by Currency of Settlement (FX%)

Canada 0.03
China 0.00
Poland 0.00
New Zealand 0.00
Indonesia 0.00
Hong Kong -0.01
Brazil -0.01
United Kingdom -0.03
Euro Currency -0.03
United States -0.54

disclosures

11Standard 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 3 years; the standard deviations are calculated using the monthly after fee returns of the share classes over the 3 year period (Trailing 3 years) and annualizing it. For share classes that have incepted for at least 1 year but less than 3 years; the standard deviation is calculated using the daily after fee returns of the share classes of the 1 year period (Trailing 1 years) and annualizing it.
12May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
13Short duration emerging markets instruments includes an emerging market security or other instrument economically tied to an emerging market country by country of risk with an effective duration less than one year and rated investment grade or higher or if unrated, determined to be similar quality by PIMCO. Emerging Markets includes the value of short duration emerging markets instruments previously reported in another category.
14May include municipals, convertibles, preferreds, and yankee bonds.
15Net Other Short Duration Instruments includes securities and other instruments (except instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money, short duration derivatives (for example Eurodollar futures) and derivatives offsets. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade for inclusion in this category. Derivatives Offsets includes offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position which in certain instances may exceed the actual amount owed on such positions.

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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. The Fund may use or invest in financial derivatives. 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. 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.
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