GIS Global Real Return Fund

ISIN: IE00B29WLV81

Updated 20 November 2020

  • The Fund may use or invest in financial derivatives.

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  • DAILY NAV (SGD)
    17.63
  • DAILY YTD RETURN
    8.43%
  • TOTAL NET ASSETS (USD)
    2,308 MM
    (as of 31/10/2020)
  • TOTAL NET ASSETS (USD)
    2,308 MM
    (as of 31/10/2020)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    29/02/2008
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    29/02/2008

Objective

The investment objective of the Global Real Return Fund is to seek to maximise real return, consistent with preservation of real capital and prudent investment management.

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Overview

Fund Description

The Global Real Return Fund is an actively managed portfolio of primarily intermediate duration, global inflation-linked bonds issued by governments their agencies or instrumentalities and corporations. The fund may also have limited tactical holdings, including nominal government, mortgage, corporate or money market securities.

Investor Benefits

This fund seeks to offer a hedge against inflation, consistent real returns, low volatility, portfolio diversification and a broad opportunity set.

The Fund Advantage

The fund employs PIMCO’s time-tested investment process and industry-renowned, global, inflation-linked bond expertise.

BENCHMARK

Bloomberg Barclays World Government Inflation‑Linked Bond SGD Hedged Index

BENCHMARK DESCRIPTION

Bloomberg Barclays World Government Inflation-Linked Bond SGD Hedged index that measures the performance of the major government inflation-linked bond markets. The Index includes inflation-linked debt issued by the following countries: Australia, Canada, France, Sweden, UK, & the United States. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

29/02/2008

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00B29WLV81

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

RELATED

Managers

Lorenzo Pagani

Head of European Government Bond Portfolio Management

View Profile for Lorenzo Pagani

Steve A. Rodosky

Portfolio Manager, Real Return and Long Duration

View Profile for Steve A. Rodosky

Daniel He

Portfolio Manager

View Profile for Daniel He

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 31/10/2020 1.41%
Current Yield4 as of 31/10/2020 0.88%
Underlying Portfolio Yield5 as of 31/10/2020 0.39%

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.
2Dividend 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.
3For 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].
4Current 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.
5The 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.
6For 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 Fee7 0.49%

disclosures

7Unified 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 20/11/2020

NAV (SGD) 17.63 One Day Return 0.46%
Daily Change (SGD) 0.08 Daily YTD Return 8.43%
Daily YTD Return (net of 5% Preliminary Charge) 2.98%

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. © 2020 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 10.12
1-3 yrs -12.76
3-5 yrs 33.03
5-10 yrs 24.11
10-20 yrs 12.77
20+ yrs 32.73
Effective Maturity (yrs) 13.94

Risk Characteristics
(Trailing 3 Years)

Standard Deviation8 5.26
Sharpe Ratio9 0.72
Information Ratio10 -0.09
Tracking Error11 1.02

Inflation-Linked (DWE%)

Inflation Linked Bonds 101.05
United States 34.84
United Kingdom 48.78
Europe 12.08
Canada 2.26
Other 3.32
Other Short Duration Instruments -0.23
Non Inflation Linked Bonds -1.05
United States -2.59
United Kingdom 2.17
Europe -3.81
Canada 0.00
Other 2.53
EM Short Duration Instruments -0.01
Net Other Short Duration Instruments12 0.65

Duration %

0-1 yrs 0.43
1-3 yrs -1.57
3-5 yrs 9.88
5-7 yrs -0.42
7-8 yrs 6.97
8-10 yrs 13.32
10+ yrs 71.40
Effective Duration (yrs) 12.64

Sector Allocation
Market Value %

Euro Government Related 0.71
UK Government Related 26.55
US Government Related 35.58
Other Government Related 8.72
Securitized 15.63
Invest. Grade Credit 7.49
High Yield Credit -0.29
Emerging Markets13 0.37
Municipal/Other14 0.02
Cash Equivalents 5.22
Net Offset Related to Derivatives 0.00

Top 10 Country by Currency of Settlement (DWE%)

United Kingdom 50.77
United States 32.41
France 8.15
Italy 3.27
Denmark 2.81
Canada 2.24
Spain 1.32
Japan 1.28
Australia 0.76
Germany -4.35

disclosures

8Standard 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.
9The 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.
10The 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.
11Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
12Net 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.
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.
Duration Weighted Exposure (DWE%) is the percentage weight of each sector’s contribution to the overallduration of the fund

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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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