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| Fund Overview | PIMCO concentrates on two sources of return: - Sector Allocation and Rotation; and - 'Bottom up' Credit Analysis of individual bonds and issuers. |
| Manager Comments | The fund benefited from the following strategies; financials, non-Agency mortgages, underweight duration and high yield corporate bonds. Negative returns came from agency mortgage backed securities. In terms of outlook the manager remains concerned regarding fiscal policy, sovereign risk and political events. The portfolio is focused on those sectors likely to benefit from the central- banked induced liquidity rally. Due the very low level of interest rates at the short-end and concern regarding the impact of inflation on the long-end of the curve the fund is concentrating on the inter-mediate sector of the curve. The fund is also concentrating on corporates and quasi-sovereign bonds in countries with strong balance sheets, e.g., Brazil. The fund has a 6% exposure to sub-investment grade, a duration of 5 years and a yield of 6.1%. |
| More Information | » View detailed profile of this fund |
