Text on screen: PIMCO
Text on screen: Beyond Borders: Empowering clients by Uncovering Opportunities
Images on screen: New York City skyline, Pramol on a call in his kitchen
Text on screen: Day Starts, 5:30 AM, New York
(Ambient audio) Hey, how’s everything going in Turkey this morning?
Emerging markets is a 24 hour news cycle.
We try to live the news flow versus being reactive to the news flow.
(Ambient audio) The only other thing that we probably want to think about just on that is the correlation with the duration.
Text on screen: Pramol Dhawan, Portfolio Manager
I'm Pramol Dhawan. I'm the head of emerging markets here at PIMCO.
Images on screen: Pramol starting the day at his house, leaving his house, and riding a bike through Central Park, arriving at the PIMCO office in New York with the New York skyline and New York office trade floor in the background. It also shows other investment professionals at PIMCO offices across the globe, including Newport Beach, California, Hong Kong, Latin America, South Africa, Europe, and the United Kingdom.
Typically my day starts by looking at my phone, checking emails, getting updates from what's happened overnight in Asia, in Europe, so that we can catch up with the news flow in the New York time zone.
Text on screen: Daily Calls, 7:30 AM, New York, 12:30 PM, London, 8:30 PM Hong Kong
Once we're up to speed, then we have daily calls which help us to harmonize that news flow and distill it into actionable ideas for our portfolios.
Emerging markets overtook the US as the largest pool of credit in the world.
Text on screen: Over 80 countries
Images on screen: Streets of Mumbai, India, Rio de Janeiro, Brazil skyline, Cape Town, South Africa skyline
20 years ago there were very few countries. And now there's over 80 countries.
Images on screen: New York office trade floor
We philosophically believe that this is an asset class that necessitates being well resourced.
Text on screen: London
Images on screen: London office trade floor
We do that by having a large geographically dispersed team. There's almost a hundred people covering emerging markets.
Scale is important to everything we do at PIMCO.
Images on screen: New York office trade floor
Our scale is our single biggest advantage in this asset class.
Text on screen: Newport Beach
Images on screen: Newport Beach office trade floor
And it's not just the scale in terms of resources that we have, it's a scale in terms of the investments that we put to work in these countries.
PIMCO's really been at the forefront of this asset class for over 25 years. That means that policy makers, whether it's central bankers or governments, they know us as a long-term investor, a really reliable long-term partner within their countries.
Images on screen: New York office trade floor, Pramol in his office, Newport Beach and London office trade floors, New York office conference room
PIMCO's reputation, size and history within these countries allows us access that we can have very candid conversations.
The ability for us to be geographically present on the ground in many of these countries, has allowed us to create and cultivate very strong relationships. That not only gives us great access to deal flow, but good access to information.
Images on screen: London skyline, stock market ticker, New York office trade floor and conference room
Our investment approach is slightly different than most others on the street.
Text on screen: Top-down process, Bottom-up process, Security Selection, Optimizing Beta
Most others will be more top down focused. We really harmonize that with a bottom up approach.
That really focuses on security selection. It focuses on optimizing the beta of the asset class, which is a very difficult beta to be able to replicate.
So we have systematic tools, algorithms which run on our portfolios, which help us to deliver that beta in just a much more efficient way for our clients.
Images on screen: New York skyline, stock market ticker, New York office trade floor and conference room
Text on screen: Emerging Markets Portfolio Committee, 9 a.m., Newport Beach, 12 p.m., New York, 5 p.m., London
Images on screen: New York, London and Newport Beach office conference rooms
The Emerging Markets Portfolio Committee is effectively the uploader of the emerging market view to the firm, but the downloader of the investment committee risk factor views and macroeconomic data.
That's really what we're trying to gain from our firm's investment committee, to help us to understand what's in market pricing, what the trajectory of monetary policy may be in the US, and really looking to that as a playbook to help guide our emerging market investments.
For us to have that symbiotic view with the firm's investment committee is essential. It's an essential part of our investment process.
Images on screen: New York office trade floor
I love helping our clients and really being a trusted partner to help them navigate the volatility within this asset class.
Text on screen: PIMCO
Disclosure
This material contains the opinions of the manager and such opinions are subject to change without notice. This material 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.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. | Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660 is regulated by the United States Securities and Exchange Commission. | PIMCO Europe Ltd (Company No. 2604517, 11 Baker Street, London W1U 3AH, United Kingdom) is authorised and regulated by the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN) in the UK. 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Office address: Suite 7204, Shanghai Tower, 479 Lujiazui Ring Road, Pudong, Shanghai 200120, China (Unified social credit code: 91310115MA1K41MU72) is registered with Asset Management Association of China as Private Fund Manager (Registration No. P1071502, Type: Other). | PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246862. This publication has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, investors should obtain professional advice and consider whether the information contained herein is appropriate having regard to their objectives, financial situation and needs. To the extent it involves Pacific Investment Management Co LLC (PIMCO LLC) providing financial services to wholesale clients, PIMCO LLC is exempt from the requirement to hold an Australian financial services licence in respect of financial services provided to wholesale clients in Australia. 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CMR2024-0130-3004052
