GIS Asia Strategic Interest Bond Fund

ISIN: IE00B464Q616

Updated 26 July 2021

  • The Fund may invest in a broad array of fixed income instruments which in the investment advisor’s view typically generate attractive levels of income and will concentrate its investments in bonds and other fixed income instruments in Asia ex-Japan.
  • Investments in fixed income instruments are subject to interest rate, credit, credit rating and downgrade risks. The Fund is also subject to risks of investing in high yield, below investment grade and unrated securities.
  • It is subject to risks associated with emerging markets, concentration / strategy, valuation, sovereign debt, mortgage-related and other asset-backed securities, currency, liquidity and repurchase / reverse repurchase transactions.
  • It may invest more than 10% in non-investment grade securities issued or guaranteed by a single sovereign issuer (e.g. Sri Lanka) which may be subject to increased credit risk and risk of default.
  • It may invest in financial derivative instruments which may involve additional risks (e.g. market, counterparty, liquidity, volatility and leverage risks).
  • It may at its discretion pay dividends out of capital directly or effectively, which amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to the original investment. Any distributions involving the payment of dividends out of the Fund’s capital may result in an immediate reduction of the Fund’s net asset value per share.
  • Investments involve risks and your investment may suffer significant losses.
  • Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors.

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  • DAILY NAV (USD)
    8.87
  • DAILY YTD RETURN
    -0.02%
  • TOTAL NET ASSETS (USD)
    309 MM
    (as of 30/06/2021)
  • TOTAL NET ASSETS (USD)
    309 MM
    (as of 30/06/2021)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    01/06/2010
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    01/06/2010

Objective

The primary investment objective of the Fund is to seek to generate attractive and stable income. Long-term capital appreciation is a secondary objective.

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Overview

Prior to 28 August 2020, the Asia Strategic Interest Bond Fund was named the Emerging Asia Bond Fund.

Fund Description

The Asia Strategic Interest Bond Fund is a flexible and actively managed portfolio that seeks to generate attractive and stable income through investing at least two thirds of its total assets in fixed income instruments in Asia ex-Japan. The fund may also invest up to one third of its total assets outside of Asia ex-Japan. The fund will allocate to both investment grade and high yield bonds and across sovereigns, quasi-sovereigns and corporate issuers. Whilst predominantly invested in hard currency bonds, the portfolio may also seek tactical opportunities in local currency denominated bonds.

Investor Benefits

The fund seeks to meet the needs of investors who are targeting a competitive and consistent level of income without compromising long term capital appreciation. It offers the opportunity to gain exposure to different sectors of the Asian fixed interest markets, while also having the flexibility to allocate to select opportunities outside of Asia.

The Fund Advantage

The fund employs PIMCO's fundamental research process, including top-down economic views and bottom-up security selection and benefits from PIMCO’s extensive global resources.

PRIMARY BENCHMARK

J.P. Morgan Asia Credit Index (JACI)

PRIMARY BENCHMARK DESCRIPTION

The J.P. Morgan Asia Credit Index measures the performance of Asia ex Japan USD denominated bond market. Index provides a benchmark for investment opportunities in US dollar-denominated fixed income instruments issued by Asia ex-Japan sovereigns, quasi-sovereigns, and corporates.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

01/06/2010

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00B464Q616

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

This share class aims to pay dividends at the frequency stated above. Dividend payout is not guaranteed.

RELATED

Managers

Stephen Chang

Portfolio Manager, Asia

View Profile for Stephen Chang

Mohit Mittal

Portfolio Manager, Liability Driven Investment and Credit

View Profile for Mohit Mittal

Abhijeet Neogy

Portfolio Manager

View Profile for Abhijeet Neogy

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 30/06/2021 4.53%
Annualised Distribution Yield2 as of 30/06/2021 3.97%
Current Yield3 as of 30/06/2021 4.24%
Average Annualised Distribution Yield as of 30/06/2021 3.98%
Latest Dividend Distribution4,5 as of 29/06/2021 (USD) 0.02939
Dividend Distribution (YTD) 4,6 as of 29/06/2021 (USD) 0.17734

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.
2For funds with monthly distribution, the annualized distribution yields are annualised on a 12 month calendar year [Annualised distribution yield= (Dividend Rate * 12) / NAV on ex-dividend day]. Dividend is not guaranteed. A positive distribution yield does not imply a positive return.
3Current 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.
4Dividend 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 and the Income II Shares, the Fund may at its discretion pay dividends out of capital and charge management and other fees payable by the Fund/Income II Shares to the capital of the Fund/Income II Shares (as the case may be), thereby resulting in an increase in distributable income available for the payment of dividends by the Fund/Income II Shares and therefore, the Fund / Income II shares may effectively pay dividends out of capital. In the case of Income II Shares, the Fund may also take into account the yield differential arising from share class currency hedging (which constitutes a distribution from capital). This may result in an immediate reduction of the NAV per share for the Fund and the Income II Shares.
5Data does not include special cash dividends.
6Data is based on distributions since the most recent calendar year end and does not include special cash dividends.

Fees & Expenses

Unified Fee7 1.50%

disclosures

7Unified management fee is a single fixed Management Fee out of which the fees of the Investment Advisers, the Administrator and Custodian shall be paid, and certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions where the Funds are registered.

Prices & Performance

The investment objective and policy were changed on 28 August 2020. The performance prior to this date was achieved under a different investment objective and policy that no longer apply.

Daily Statistics

All data as of 26/07/2021

NAV (USD) 8.87 One Day Return -0.11%
Daily Change (USD) -0.01 Daily YTD Return -0.02%

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

Past performance is not indicative of future performance and no guarantee is being made that similar returns will be achieved in the future. All period longer than one year are annualized. Performance shown is on a NAV-to-NAV basis in the denominated currency and are net of fees and other expenses and on the assumption that dividends are reinvested, as applicable. Investment returns not denominated in USD/HKD are exposed to exchange rate fluctuations. Performance data has been calculated in the currency as shown above including ongoing charges and excluding subscription fee and redemption fee that an investor might have to pay.
Where no past performance is shown, there was insufficient data in that year to provide performance.
Daily YTD return is from the most recent calendar year end.
Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.
Morningstar ratings are shown for funds with 4 or 5 star ratings only. Other share classes ratings are either lower or unavailable. 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.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Rating™ is for the above share class only; other classes may have different performance characteristics.

Portfolio Composition

All data as of unless otherwise stated

Maturity %

0-1 yrs 10.12
1-3 yrs 22.52
3-5 yrs 39.32
5-10 yrs 21.57
10-20 yrs 2.84
20+ yrs 3.63
Effective Maturity (yrs) 5.23

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 5.63
Sharpe Ratio8 1.00
Information Ratio9 0.45
Tracking Error10 1.35

Top 10 Direct EM Country Exposure (MV%)

China 42.84
Indonesia 12.25
India 10.14
Ireland 6.10
South Korea 5.36
Hong Kong 5.02
Philippines 3.72
Malaysia 3.59
Macao 3.16
Singapore 1.89

Duration %

0-1 yrs 2.27
1-3 yrs 13.89
3-5 yrs 35.15
5-7 yrs 12.32
7-8 yrs 6.87
8-10 yrs 11.69
10+ yrs 17.82
Effective Duration (yrs) 3.80

Sector Allocation
Market Value %

US Government Related -0.30
Securitized 0.00
Invest. Grade Credit 15.20
High Yield Credit 3.83
Non-USD Developed 0.52
Emerging Markets11 79.13
Other 1.50
Net Other Short Duration Instruments12 0.12

Top 10 Country Exposure (FX%)

Indonesia 1.36
Malaysia 0.95
South Korea 0.90
India 0.82
Australia 0.04
China 0.04
Euro Currency 0.03
Russia -0.01
Philippines -0.89
Hong Kong -0.94

disclosures

8The 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.
9The 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.
10Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
11Short 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.
12Net 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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Disclosures

Source: PIMCO, index provider for benchmark data.

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

Investment involves risk including possible loss of the principal amount invested. 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. PIMCO Funds: Global Investors Series plc has appointed PIMCO Asia Limited as the Hong Kong Representative. Investors should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. This and other information are contained in the Fund’s Hong Kong Prospectus, which may be obtained from our website www.pimco.com.hk or by contacting the Hong Kong Representative or your fund distributor and/or financial advisor. Prospective investors should read the Fund’s Hong Kong Prospectus before deciding whether to subscribe for or purchase shares in any of the Funds. Investor may also wish to seek advice from a financial advisor before making a commitment to invest and in the event you choose not to seek advice, you should consider whether the investment is suitable for you. The Funds typically offer different share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. Unless otherwise stated in the prospectus, the Fund referenced in this website is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this website is made solely for risk or performance comparison purposes. Fund performance will be available after the Fund has attained a 6 month investment track record.
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