GIS Capital Securities Fund

ISIN: IE00BZ6SDZ85

Updated 23 April 2018

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  • DAILY NAV (EUR)
    11.96
  • DAILY YTD RETURN
    -1.16%
  • TOTAL NET ASSETS (USD)
    8,551 MM
    (as of 31/03/2018)
  • TOTAL NET ASSETS (USD)
    8,551 MM
    (as of 31/03/2018)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    26/02/2016
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    26/02/2016

Objective

The investment objective 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.

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

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.

PRIMARY BENCHMARK

3 Month Euribor

PRIMARY BENCHMARK DESCRIPTION

3 Month Euribor (Euro Interbank Offered Rate) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the euro wholesale (or interbank) money market. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

26/02/2016

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00BZ6SDZ85

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

Philippe Bodereau

Portfolio Manager, Global Head of Financial Research

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Matthieu Loriferne

Portfolio Manager, Capital Securities and Financials

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Michael Bogecho

Portfolio Manager, Capital Securities and Financials

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Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 31/03/2018 6.44%
Current Yield2 as of 31/03/2018 4.88%
Yields & Distributions Footnotes & Disclosures

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.
2The 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.

Fees & Expenses

Unified Fee 1.14%

Prices & Performance

Daily Statistics

All data as of 23/04/2018

NAV (EUR) 11.96 One Day Return 0.00%
Daily Change (EUR) 0.00 Daily YTD Return -1.16%
Click here to view Historical Prices
  • Average Annual Returns
  • Cumulative Returns

All data as of

  • Daily
  • Month End

All data as of

  • Daily
  • Month End

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

Prices & Performance Footnotes & Disclosures

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. © 2017 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

Duration in Years

Effective Duration (yrs) 4.50

Capital Structure Positioning
Market Value %

Senior 19.34
Tier 2 4.17
Tier 2 CoCo 4.28
Tier 1 & Preferred 14.83
Additional Tier 1 43.98
Equity 4.75
Bank Loans 0.00
Non-Financials -9.00
Net Other Short Duration Instruments3 17.65

Sector Allocation
Market Value %

Banking 87.68
Insurance 2.00
Finance Corporation 1.69
Government -10.34
Non-Financials 1.31

Region Exposure (MV%)

Eurozone 37.49
United Kingdom 24.26
United States 19.01
Europe non-EMU 8.63
Liabilities 8.17
Other Industrialized Countries 1.49
Japan 0.67
EM - CEEMEA 0.28
Dollar Block 0.00
Portfolio Composition Footnotes & Disclosures

disclosures

3Net 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.
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

This Website is operated and issued by PIMCO Europe Ltd, which is authorised and regulated in the conduct of its investment business by the Financial Conduct Authority (25 The North Colonnade, Canary Wharf, London E14 5HS) in the United Kingdom.
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.

The fund can invest a portion of its assets in non-Euro securities, which can entail greater risks due to non-Euro economic and political developments. This risk may be enhanced when investing in Emerging Markets. Investment in a fund that invests in high-yield, lower-rated securities, will generally involve greater volatility and risk to principal than investments in higher-rated securities. This fund may use derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks. Portfolios investing in derivatives could lose more than the principal amount invested.


Diversification does not ensure against loss. Each sector of the bond market entails risk. Some bonds may realize gains and may incur a tax liability from time to time. Any guarantee on government bonds is to the timely repayment of principal and interest, shares of a portfolio that invest in them are not guaranteed. Mortgage and Asset backed securities are subject prepayment risk and may be sensitive to changes in prevailing interest rates, when they rise the value generally declines.


With corporate bonds there is no assurance that issuers will meet their obligations. An investment in high-yield securities generally involves greater risk to principal than an investment in higher-rated bonds. 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. 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.

Distributed by PIMCO Europe Ltd, 11 Baker Street, London, W1U 3AH, England.
No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission. Copyright 2017, PIMCO
GIS FUNDS
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. The information is not for use within any country or with respect to any person(s) where such use could constitute a violation of the applicable law. The information contained in this communication is intended to supplement information contained in the prospectus for this Fund and must be read in conjunction therewith. Investors should consider the investment objectives, risks, charges and expenses of these Funds carefully before investing. This and other information is contained in the Fund's prospectus. Please read the prospectus carefully before you invest or send money. Past performance is not a guarantee or a reliable indicator of future results and no guarantee is being made that similar returns will be achieved in the future. Returns are net of fees and other expenses and include reinvestment of dividends. The performance data represents past performance and investment return and principal value will fluctuate so that the PIMCO GIS Funds shares, when redeemed, may be worth more or less than the original cost. Potential differences in performance figures are due to rounding. The Fund may invest in non-U.S. or non-Eurozone securities which involves potentially higher risks including non-U.S. or non-Euro currency fluctuations and political or economic uncertainty. For informational purposes only. Please note that not all Funds are registered for sale in every jurisdiction. Please contact PIMCO for more information. For additional information and/or a copy of the Fund's prospectus, please contact the Administrator: State Street Fund Services (Ireland) Limited and State Street Custodial Services (Ireland) Limited (collectively “State Street”), Telephone +353 1 7768000, Fax +353 1 7768491. © 2017.
Benchmark - 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.
Additional information - 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.
Investment Restrictions - In accordance with the UCITS regulations and subject to any investment restrictions outlined in the Fund’s prospectus, the Fund may invest over 35% of net assets in different transferable securities and money market instruments issued or guaranteed by any of the following: OECD Governments (provided the relevant issues are investment grade), Government of Singapore, European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, International Monetary Fund, Euratom, The Asian Development Bank, European Central Bank, Council of Europe, Eurofima, African Development Bank, International Bank for Reconstruction and Development (The World Bank), The Inter American Development Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), Government National Mortgage Association (Ginnie Mae), Student Loan Marketing Association (Sallie Mae), Federal Home Loan Bank, Federal Farm Credit Bank, Tennessee Valley Authority, Straight-A Funding LLC.
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. go