GIS Credit Absolute Return Fund

ISIN: IE00B95G9K86

Updated 23 April 2018

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  • DAILY NAV (EUR)
    10.44
  • DAILY YTD RETURN
    -0.95%
  • TOTAL NET ASSETS (USD)
    250 MM
    (as of 31/03/2018)
  • TOTAL NET ASSETS (USD)
    250 MM
    (as of 31/03/2018)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    21/12/2012
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    21/12/2012

Objective

The investment objective of the PIMCO Credit Absolute Return Fund is to seek a positive total return across a variety of market environments, consistent with preservation of capital and prudent investment management.

Overview

Fund Description

The Credit Absolute Return Fund is a diversified absolute return-oriented global credit strategy that is not tethered to benchmark-specific guidelines. The fund has significant discretion to allocate across a broad range of global credit sectors, and it is designed to offer the flexibility to actively adjust long and short credit exposures to target opportunities in any market environment while providing proactive downside risk mitigation.

Investor Benefits

The fund targets absolute returns and is designed for investors seeking exposure to credit but with greater flexibility than a more traditional approach. Since the fund is focused on positive returns in all market environments, it may appeal to many types of investors over the long term.

The Fund Advantage

This fund combines an unconstrained absolute return objective, proactive risk management and global diversification. The fund is guided by the full depth and breadth of PIMCO’s global credit investment expertise, which comes from the seamless integration of four decades of experience with robust credit research and a time-tested, forward-looking investment process. This helps the fund to target opportunities across global credit markets and may provide the agility to adjust risk exposures in anticipation of shifting market risks and opportunities.

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

21/12/2012

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00B95G9K86

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

Mark R. Kiesel

CIO Global Credit

View Profile

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 31/03/2018 5.93%
Current Yield2 as of 31/03/2018 4.76%
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 1.80%

Prices & Performance

Daily Statistics

All data as of 23/04/2018

NAV (EUR) 10.44 One Day Return -0.19%
Daily Change (EUR) -0.02 Daily YTD Return -0.95%
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

Maturity %

0-1 yrs -39.21
1-3 yrs 15.25
3-5 yrs 92.75
5-10 yrs 33.50
10-20 yrs 0.01
20+ yrs -2.31
Effective Maturity (yrs) 4.44

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 3.23
Sharpe Ratio3 0.22
Information Ratio4 0.42
Tracking Error5 3.29

Top Industry Sectors
Market Value %

Financial Other 8.86
Banks 5.34
Noncaptive Consumer Finance 4.27
Building Materials 4.22
Media Cable 3.76
Healthcare 2.53
Pipelines 2.36
Technology 2.11
Real Estate 2.09
Consumer Products 1.60

Duration Yrs

0-1 yrs -1.32
1-3 yrs 0.57
3-5 yrs 4.21
5-7 yrs 0.60
7-8 yrs 0.01
8-10 yrs -0.58
10+ yrs -0.59
Effective Duration (yrs) 2.91

Sector Allocation
Market Value %

Government Related6 66.67
Mortgage 14.14
Invest. Grade Credit 7.90
High Yield Credit 43.59
Emerging Markets7 14.65
Municipal/Other8 0.51
Net Other Short Duration Instruments9 -47.47

Top 10 Country by Currency of Settlement (Duration in Yrs)

United States 3.06
Mexico 0.24
South Africa 0.11
Chile 0.05
Poland 0.03
European Union 0.02
Italy 0.01
Germany -0.02
United Kingdom -0.20
Japan -0.41
Portfolio Composition Footnotes & Disclosures

disclosures

3The 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.
4The 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.
5Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
6May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
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.
8May include municipals, convertibles, preferreds, and yankee bonds.
9Net 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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