GIS Emerging Markets Short-Term Local Currency Fund

ISIN: IE00B600QL41

Updated 21 May 2024

  • The Fund may invest primarily in currencies of, or in fixed income instruments (including high yield securities) denominated in the currencies of, emerging markets.
  • Investments in fixed income securities are subject to interest rate, credit 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 the risks associated with investment, global investment, emerging markets, sovereign debt, currency, liquidity and repurchase / reverse repurchase transactions.
  • It may invest more than 10% of in non-investment grade securities issued or guaranteed by a single sovereign issuer (e.g. Sri Lanka and Hungary) which may be subject to increased credit risk and risk of default.
  • It may invest extensively 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 (EUR)
    14.53
  • DAILY YTD RETURN
    3.12%
  • TOTAL NET ASSETS (USD)
    17 MM
    (as of 30/04/2024)
  • TOTAL NET ASSETS (USD)
    17 MM
    (as of 30/04/2024)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    02/07/2009
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    02/07/2009

Objective

The investment objective of the Emerging Markets Short-Term Local Currency Fund is to seek maximum total return consistent with the preservation of capital and prudent investment management.

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Overview

Fund Description

The Emerging Markets Short-Term Local Currency Fund offers efficient exposure to fast growing emerging markets by investing at least 80% of its assets in currencies and in short-duration bonds, denominated in the currencies of developing countries. The fund may invest directly in currencies or bonds, or use derivatives to replicate investment returns.

Investor Benefits

This fund offers exposure to high interest rates in EM countries and to EM currencies, with low correlation to developed markets fixed income.

The Fund Advantage

The fund leverages PIMCO's disciplined investment process and expertise in local market inefficiencies to overcome complex investment entry barriers.

PRIMARY BENCHMARK

JPMorgan Emerging Local Markets Index Plus (EUR Unhedged)

PRIMARY BENCHMARK DESCRIPTION

JPMorgan Emerging Local Markets Index Plus (EUR Unhedged) tracks total returns for
local-currency-denominated money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. It is not possible to invest
directly in an unmanaged index.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

02/07/2009

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00B600QL41

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.

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Managers

Pramol Dhawan

Portfolio Manager

View Profile for Pramol Dhawan

Michael Davidson

Portfolio Manager, Emerging Markets

View Profile for Michael Davidson

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 30/04/2024 10.42%
Current Yield2 as of 30/04/2024 4.02%

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.
2Current 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.

Fees & Expenses

Unified Fee3 1.75%

disclosures

3Unified 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 - Past performance does not predict future returns

Daily Statistics

All data as of 21/05/2024

NAV (EUR) 14.53 One Day Return 0.07%
Daily Change (EUR) 0.01 Daily YTD Return 3.12%

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. © 2024 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 111.09
1-3 yrs -21.83
3-5 yrs 5.05
5-10 yrs 7.81
10-20 yrs 0.12
20+ yrs -2.24
Effective Maturity (yrs) 0.08

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 4.18
Sharpe Ratio4 0.36
Information Ratio5 0.44
Tracking Error6 3.18

Top 10 Country by Currency of Settlement (DWE%)

Peru 85.56
Brazil 70.57
Mexico 54.84
South Africa 51.26
Germany 49.97
Thailand -50.21
China -75.17
European Union -75.63
Singapore -92.95
Japan -189.78

Duration %

0-1 yrs 38.30
1-3 yrs -204.58
3-5 yrs 0.11
5-7 yrs 717.53
7-8 yrs 100.23
8-10 yrs -237.00
10+ yrs -314.59
Effective Duration (yrs) 0.12

Sector Allocation
Market Value %

US Government Related -3.53
Securitized 5.01
Invest. Grade Credit 2.26
High Yield Credit 0.07
Non-USD Developed -14.33
Emerging Markets7 21.43
Other 0.15
Net Other Short Duration Instruments8 88.95

Top 10 Country by Currency of Settlement (FX%)

United States 11.03
Mexico 10.32
South Korea 9.82
India 9.49
Singapore 7.50
Taiwan 7.27
Turkey 6.77
Brazil 6.42
Poland 5.91
Malaysia 5.03

disclosures

4The 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.
5The 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.
6Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
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.
8Net 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.
Duration Weighted Exposure (DWE%) is the percentage weight of each sector’s contribution to the overall duration of the fund

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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.