GIS Strategic Income Fund

ISIN: IE00BG800R07

Updated 21 January 2021

  • The Fund may use or invest in financial derivatives.

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  • DAILY NAV (USD)
    13.81
  • DAILY YTD RETURN
    1.77%
  • TOTAL NET ASSETS (USD)
    974 MM
    (as of 31/12/2020)
  • TOTAL NET ASSETS (USD)
    974 MM
    (as of 31/12/2020)
  • CLASS
    Multi Asset
  • CLASS INCEPTION DATE
    16/12/2013
  • CLASS
    Multi Asset
  • CLASS INCEPTION DATE
    16/12/2013

Objective

The investment objective of the Fund is to seek to provide an attractive level of current income, consistent with prudent investment management. The Fund also seeks to provide long-term capital appreciation as a secondary objective.

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Overview

Fund Description

The GIS Strategic Income Fund is an actively managed portfolio with global opportunity that invests primarily in fixed income securities with the flexibility to invest in dividend equities. The fund seeks to deliver an attractive level of income and capital appreciation while maintaining a relatively low risk profile.

Investor Benefits

The Fund seeks to deliver a competitive level of current income and capital growth. Potential benefits of this fund include:

  • Employs PIMCO’s best income-generating ideas across global markets to target a consistent distribution
  • Employs PIMCO’s time-tested investment process and relies on extensive experience in managing income oriented strategies
  • Utilizes Research Affiliates’ fundamentally-weighted, active global developed equity strategy built on smart beta that seeks higher-yielding stocks generating sustainable dividends at attractive valuations
  • A diversified strategy that limits exposure to below investment-grade holdings at 50%
  • The fund offers daily liquidity.

The Fund Advantage

This fund is designed for investors who seek steady income with capital appreciation. The fund taps into multiple areas of the global market and employs PIMCO’s vast analytical expertise to temper volatility.

BENCHMARK

75% Bloomberg Barclays Global Aggregate USD Hedged/25% MSCI World Index

BENCHMARK DESCRIPTION

The benchmark is a blend of 75% Bloomberg Barclays Global Aggregate USD Hedged/25% MSCI World Index. Bloomberg 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. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

16/12/2013

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00BG800R07

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

Managers

Daniel J. Ivascyn

Group Chief Investment Officer

View Profile for Daniel J. Ivascyn

Alfred T. Murata

Portfolio Manager, Mortgage Credit

View Profile for Alfred T. Murata

Robert Arnott

Founder and Chairman, Research Affiliates

View Profile for Robert Arnott

Chris Brightman

Chief Investment Officer, Research Affiliates

View Profile for Chris Brightman

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 31/12/2020 2.77%
Current Yield4 as of 31/12/2020 2.67%
Underlying Portfolio Yield5 as of 31/12/2020 0.92%

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 Fee 1.75%
The Unified Management fee takes account of a fee waiver in the amount of 0.05% p.a. until 31 Dec 2018.

disclosures

The Unified Management fee takes account of a fee waiver in the amount of 0.05% p.a. until 31 Dec 2018.

Prices & Performance

Daily Statistics

All data as of 21/01/2021

NAV (USD) 13.81 One Day Return -0.07%
Daily Change (USD) -0.01 Daily YTD Return 1.77%
Daily YTD Return (net of 5% Preliminary Charge) -3.29%

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling +44 203 3640 1552.
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. For more detailed information about Morningstar Rating, including its methodology, please go to: The Morningstar Rating Methodology.

Portfolio Composition

All data as of unless otherwise stated

Sector Allocation - Fixed Income Market Value %

US Government Related 5.89
Securitized 60.42
Invest. Grade Credit 16.38
High Yield Credit 13.08
Non-USD Developed 2.32
Emerging Markets7 22.33
Other 2.65
Net Other Short Duration Instruments8 -23.06

Top 10 Country Exposure (MV%)

United States 85.10
United Kingdom 7.87
Australia 5.47
Mexico 5.08
Italy 4.55
Brazil 2.36
Germany 2.16
Russia 2.14
Switzerland 1.88
Ireland 1.71

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 9.01
Sharpe Ratio9 0.21
Beta10 1.53
R-Squared11 0.79

Sector Allocation - Equity Market Value %

Equities 25.48
Fixed Income 86.86
Other 0.00
Net Cash -12.34

Equity Statistics

Stocks in Portfolio 363
P/E Ratio (Forward) 12.81
Weighted Median Market Cap ($US MM) 36,222.54
Active Share (%) 81.38
P/E Ratio (Trailing) 17.08
Weighted Avg Market Cap ($US MM) 72,709.72

disclosures

7Short 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.
8Net 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.
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.
10Beta measures the market related volatility of a portfolio. The beta of the market is 1 by definition. A beta greater than 1 indicates that a portfolios market risk is greater than the overall markets, while a beta less than 1 indicates a lower market risk. It is important to note that having a low market risk does not necessarily imply low volatility. A portfolio may have a low beta while experiencing volatility due to factors independent of the market.
11R-squared measures the percentage of a portfolio's movements that are explained by movements in the overall market. Standard deviation is an absolute measure of volatility measuring dispersion about an average which, for a mutual fund, depicts how widely the returns varied over a certain period of time.
Forward P/E is based on estimated future earnings as assembled and calculated by FactSet.
In the statistics section, P/E Ratio, and Median Market Cap. are the averages of the P/E and market capitalization of the issues held by the fund. P/E is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio.
Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current share price. Active share measures the proportion of stock holdings in a portfolio’s composition to the composition of its benchmark.

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Disclosures

For full details of the investment objective and investment policy of the fund described on this page, please refer to the prospectus and key investor information document for the fund available on the Fund Literature page of this website.

A rating is not a recommendation to buy, sell or hold a fund. Past performance is not an indicator of future results.

Distributed by PIMCO Europe Ltd, 11 Baker Street, London, W1U 3AH, England.
Unless otherwise stated in the prospectus or in the relevant key investor information document, 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. This material may contain additional information, not explicit in the prospectus, on how the Fund or strategy is currently managed. Such information is current as at the date of the presentation and may be subject to change without notice.

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. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be suitable for all investors. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. 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. Investing in derivatives could lose more than the amount invested. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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. Sovereign securities are generally backed by the issuing government. Obligations of U.S. government agencies and authorities are supported by varying degrees, but are generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value. 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 while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Swaps are a type of derivative; swaps are increasingly subject to central clearing and exchange-trading. Swaps that are not centrally cleared and exchange-traded may be less liquid than exchange-traded instruments. Inflation-linked bonds (ILBs) issued by a government are fixed income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the U.S. government. Certain U.S. government securities are backed by the full faith of the government. Obligations of U.S. government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value.

The above narration contains the current opinions of the manager and such opinions are subject to change without notice. The above narration 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. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this presentation may be reproduced in any form, or referred to in any other publication, without express written permission.
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