Global Income Opportunities Fund

PGI

Updated 21 July 2017

Objective

The Fund's investment objectives are to: a) provide holders of Units ("Unitholders") with monthly cash distributions; b) maximize total return to Unitholders through distributions and capital appreciation; and c) preserve capital.

Primary Portfolio

Primarily fixed-income securities selected from multiple global fixed-income sectors

Overview

Fund Overview

Pursues income across global fixed-income sectors.

The global economic landscape is constantly changing, causing different bond sectors to go in and out of favour. This Fund’s multi-sector approach allows it to seek out the best income-generating ideas in any given market climate, targeting multiple sources of income from a global opportunity set.

Highlights

  • Offers access to PIMCO’s best income-generating ideas across multiple global fixed-income sectors.
  • Investments may include mortgage-backed securities, investment-grade and high-yield corporates, developed and emerging markets corporate and sovereign bonds, other income producing securities and related derivative instruments.
  • Dynamic sector allocation reflects PIMCO’s macroeconomic views and assessments of relative value and credit market trends.
  • Closed-end vehicle allows the fund’s managers to invest in less-liquid securities, which tends to increase risk and potential returns.
  • Benefits from PIMCO’s robust credit research capabilities and risk management.

Investment Process

PIMCO has been actively managing income-producing securities for 40 years and is recognized as one of the world’s premier investment managers. Known for its innovative philosophy, global expertise and resources, and skilled investment professionals, the firm has dedicated specialists in virtually every sector of global fixed income. PIMCO’s innovative investment process is designed to add value for clients by marrying a top-down, global macroeconomic outlook with bottom-up analysis from one of the industry’s most experienced research teams.

ASSET CLASS
  • Fixed Income
  • Multi Sector

Managers

Alfred T. Murata

Portfolio Manager, Mortgage Credit

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Daniel J. Ivascyn

Group Chief Investment Officer

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Jason Duko

Portfolio Manager, Bank Loans

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Sai S. Devabhaktuni

Head of Corporate Distressed Portfolio Management

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Yuri Garbuzov

Portfolio Manager, Corporate and Financials

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Joshua Anderson

Portfolio Manager, Opportunistic Mortgage and Real Estate

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Yields & Distributions

Historical Prices & Distributions

Daily Yields

as of 21-07-2017
Daily NAV Distribution Yield1 6.94%
Daily Market Price Distribution Yield1 6.97%

Monthly Yields

as of 30-06-2017
Monthly NAV Distribution Yield1 7.04%
Monthly Market Price Distribution Yield1 6.93%

Distributions

Latest Distribution ($/Share)2 as of 28-06-2017 (CAD) $0.05688
Dividend (YTD) as of 28-06-2017 (CAD) $0.34128
Special Cash Distribution as of - -
Yields & Distributions Footnotes & Disclosures

disclosures

1Distribution yields are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price as of the reported date.
2Data does not include special cash dividends.
Distribution rate is calculated by dividing the last distribution paid per share (annualized) by the market price or NAV per unit as indicated.

Fees & Expenses

Management Fee (%)3 1.25%
Management Expense Ratio (%)4 3.27%

disclosures

3The Management Fee is applied to the Fund's total managed assets. Total Managed Assets represent net assets plus the outstanding balance of the Fund's leveraging transactions (e.g., reverse repurchases agreements, dollar rolls and borrowings under loan facilities and/or other form of leverage). The fee rate is as of the most recent annual MRFP.
4Management Expense Ratio is calculated as an annualized percentage of daily average net assets, and is as of the most recent annual MRFP.

Prices & Performance

Daily Statistics

All data as of 21-07-2017

NAV $9.83 Market Price $9.79
Daily Change $0.00 Daily Change $0.14
One Day Return 0.00% One Day Return 1.45%
Premium / Discount -0.41%
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

Past performance is not a guarantee or a reliable indicator of future results. An investment in the fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Returns are calculated by determining the percentage change in NAV or market share price (as applicable) with all distributions reinvested. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the fund, market conditions, supply and demand for the fund’s shares or changes in fund distributions. NAV returns reflect the deduction of management fees and expenses. NAV and Market Price returns do not reflect broker sales charges or commissions and would be lower if they were deducted.

Calendar Year Returns %

All data as of

Fund Pricing

(Since Inception) All data as of 21-07-2017

Prices & Performance Footnotes & Disclosures

disclosures

Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.

Portfolio Composition

All data as of unless otherwise stated

Top Sectors
MV %

Mortgage 60.03
High Yield Credit 19.18
Municipal/Other 5.97
Net Other Short Duration Instruments5 5.16
Emerging Markets 4.21
Government Related 3.67
Invest. Grade Credit 1.79

Duration in Years

Effective Duration (yrs) 4.29

Maturity %

0-1 yrs 22.48
1-3 yrs 20.02
3-5 yrs 22.71
5-10 yrs 22.78
10-20 yrs 4.86
20+ yrs 7.15
Effective Maturity (yrs) 6.44
Portfolio Composition Footnotes & Disclosures

disclosures

5Net Other Short Duration Instruments includes securities and other instru​ments (except instruments those 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 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.
Market Value Weighted based on % Total Assets.
Duration is a measure of the fund's price sensitivity to changes in interest rates expressed in years.

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Disclosures

The information relating to the Fund presented on this website has not been audited and may be calculated and presented differently from similar information (such as representations of portfolio composition, assets and leverage and other data) included in the Fund's shareholder reports and other sources.
The Fund is a closed-end exchange traded investment fund. The material on this website is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Closed-end funds may be leveraged and carry various risks depending upon the underlying assets owned by a fund. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund annual and semi-annual report. For additional information, please contact your investment professional.
A word about risk: Holdings are subject to market risk. PIMCO may or may not continue to own the securities referenced herein and, if such securities are owned, no representation is being made that such securities will continue to be held. 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. 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. 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. The use of leverage may cause a portfolio to liquidate positions when it may ot be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. Distributions are not guaranteed and are subject to change and/or elimination. 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.
Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund prospectus used in its initial public offering, as revised by subsequent shareholder reports.
Shares of closed-end funds frequently trade at a discount to their net asset value, which may increase risk of loss. The risk may be greater for investors expecting to sell their shares in a relatively short period after completion of the fund's initial public offering.
The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose. PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.​​
The fund may make substantial use of interest rate swap and other derivatives transactions (“paired swap transactions”) for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of the fund's duration or yield curve management strategies. In a paired swap transaction the fund may enter into opposite sides (with one side being referred to as the “initial leg” and the other side referred to as the “forward leg”) of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods. A significant portion of the fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable income for tax purposes on the initial leg, with a substantial possibility that the fund will later realize a corresponding capital loss and potential decline in its net asset value with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Please see the fund’s most recent shareholder report for details.
A significant portion of the fund's monthly distributions may be sourced from the fund's derivatives transactions. Some or all of these transactions, such as paired swap transactions, may also generate capital losses without corresponding offsetting capital gains, such that portions of the fund's distributions recognized as ordinary income for tax purposes may be economically similar to a taxable return of capital when considered together with such capital losses. Please see the fund's most recent shareholder report for details.
As with any stock, the price of the fund’s common shares will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a price that is less than (a “discount”) or more than (a “premium”) from their net asset value. If the fund’s shares trade at a premium to net asset value, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter. Additionally, the fund's distribution rate may be affected by numerous factors, including changes in realized and projected market returns, fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the fund distribution rate at a future time.
Total net asset value (NAV) return measures the change in NAV per unit over the period indicated. Total maket value return is computed based upon the Fund's TSX market price per unit and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.