Multi-Sector Income Fund

PIX

Updated 20 February 2024

Objective

The Fund seeks to provide holders of Units with current income as a primary objective and capital appreciation as a secondary objective.

Primary Portfolio

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

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Overview

Fund Overview

Income expertise meets global opportunity

In a market environment marked by low nominal yields and uncertainty about interest rates, PIMCO Multi-Sector Income Fund (PIX) aims to deliver current income and capital appreciation by targeting PIMCO’s best income-generating investment ideas across multiple fixed income sectors, with an emphasis on opportunities across global credit markets.

  • Targets PIMCO’s best income-generating investment ideas across multiple fixed income sectors, with an emphasis on opportunities across global credit markets.
  • Flexible structure allows the fund’s managers to expand our multi-sector approach to include high-income opportunities across the liquidity spectrum.
  • Invests predominantly across multiple sectors in the global credit markets, including corporate debt, mortgage-related and other asset-backed securities, emerging market securities and real estate and real estate-related investments.
  • Dynamic sector allocation reflects PIMCO’s macroeconomic views and global expertise and access.
  • Seeks to benefit from PIMCO’s robust credit research capabilities and risk mitigation.

PIMCO, a leader in active fixed income, has 50+ years of experience navigating challenging markets and helping our clients reach their financial goals. Our forward-looking, top-down, bottom-up investment process is defined by exhaustive credit research and ongoing analysis to continuously evaluate changing risks and opportunities around the world.

ASSET CLASS
  • Fixed Income
  • Multi Sector
CUSIP

72204T109

IPO Market Price

$10.00

IPO NAV

$10.00

Managers

Alfred T. Murata

Portfolio Manager, Mortgage Credit

View Profile for Alfred T. Murata

Joshua Anderson

Head of Global ABS Portfolio Management

View Profile for Joshua Anderson

Russell Gannaway

Portfolio Manager, Alternative Credit

View Profile for Russell Gannaway

Jamie Weinstein

Portfolio Manager, Corporate Special Situations

View Profile for Jamie Weinstein

Sonali Pier

Portfolio Manager, Multi-Sector Credit

View Profile for Sonali Pier

Distributions

Historical Prices & Distributions

Daily Distribution Rates

as of 20-02-2024
Daily NAV Distribution Rate1 8.85%
Daily Market Price Distribution Rate1 10.15%

Distribution Rates

as of 31-01-2024
Monthly NAV Distribution Rate1 8.87%
Monthly Market Price Distribution Rate1 10.19%

Distributions

Latest Distribution ($/Share)2 as of 30-01-2024 (CAD) $0.06538
Dividend (YTD) as of 30-01-2024 (CAD) $0.06538
Special Cash Distribution as of - -

disclosures

1Distribution yields are not performance and are calculated by annualizing the most recent distribution per unit 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 unit (annualized) by the market price or NAV per unit as indicated.

Fees & Expenses

Management Fee (%)3 1.30%
Management Expense Ratio (%)4 3.33%

disclosures

3The Management Fee is applied to the Fund's total assets. Total assets is the aggregate value of the assets of the Fund.
4As of 06/30/2023. Management expense ratio is based on total expenses which includes the Management Fee (excluding commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period.

Prices & Performance

Daily Statistics

All data as of 20-02-2024

NAV $8.87 Market Price $7.73
Daily Change $0.03 Daily Change $-0.02
One Day Return 0.34% One Day Return -0.26%
Premium / Discount -12.85%

All data as of

All data as of

You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange (the "TSX"). If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents.


The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Calendar Year Returns %

All data as of

Fund Pricing

(Since Inception) All data as of 21-02-2024

High/Low Ranges - One Year

All data as of 20-02-2024

High/Low NAV $9.12/$8.24
High/Low Market Price $8.88/$6.90

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.

Portfolio Composition

All data as of unless otherwise stated

Top Industry Sectors
Market Value %

Healthcare 9.06
Technology 5.65
Consumer Products 5.15
Banks 3.41
Media Noncable: Broadcasting 3.38
Wirelines 3.17
Aerospace/Defense 2.27
Pipelines 1.65
Automotive 1.57
REITS: Residential 1.54

Maturity %

0-1 yrs 25.96
1-3 yrs 15.52
3-5 yrs 20.70
5-10 yrs 14.78
10-20 yrs 15.82
20+ yrs 7.23
Effective Maturity (yrs) 6.09

Duration in Years

Effective Duration (yrs) 3.84

Sector Allocation %

MV % DWE %
US Government Related 1.56 19.09
Mortgage 31.39 63.84
Non-Agency Mortgage 31.39 63.84
Agency MBS 0.00 0.00
CMBS 13.92 2.07
High Yield Credit 23.37 9.31
Non-USD Developed 16.54 3.91
Emerging Markets 5.27 2.45
Invest. Grade Credit 0.64 0.01
Municipal 1.13 2.18
Other 4.06 0.24
Net Other Short Duration Instruments5 2.12 -3.12

Top Countries %

MV% DWE%
United States 76.57 89.53
France 4.05 1.59
Spain 3.81 0.13
Italy 3.28 3.55
United Kingdom 3.21 0.07

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.

Assets & Leverage

All data as of 31-01-2024 unless otherwise stated

Assets (in millions)

Net Assets $226

Leverage

% of Total Managed Assets % of Common Net Assets
Total Effective Leverage 18.99 0.00
Credit Default Swaps6 0.10 0.00
Committed Facility7 18.90 0.00

disclosures

6Credit Default Swaps (“CDS”) (%) consists of the aggregate notional amount of sell protection CDS plus the net market value of buy protection CDS, as applicable, divided by Total Managed Assets.
7The Fund has entered into a committed facility agreement with an Irish affiliate of a Canadian Schedule II bank.
Past performance is no guarantee of future results. Investing in securities entails risk, including possible loss of principal. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. The use of leverage may cause a Fund to be more volatile, which may increase the risk of investment loss.

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Disclosures

You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange (the "TSX"). If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
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 annual financial statements 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, units 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: As a new fund, the fund has no operating history for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies. 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 low interest rate environments increase this risk. 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. Sovereign securities are generally backed by the issuing government. Obligations of U.S. government agencies and authorities are supported by varying degrees, but are generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value. 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. The use of leverage may cause a portfolio to liquidate positions when it may not 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. 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. Diversification does not ensure against loss.

The Fund may invest directly or indirectly in securities of stressed or distressed issuers, which include securities at risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody's or CC or lower by S&P or Fitch) or, if unrated, are determined by PIMCO to be of comparable quality. Debt instruments of below investment grade quality (below Baa3 by Moody's or below BBB- by S&P or Fitch) are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as “high yield” securities or “junk bonds.” Debt instruments in the lowest investment grade category also may be considered to possess some speculative characteristics. The Fund may, for hedging, investment or leveraging purposes, make use of credit default swaps, which are contracts whereby one party makes periodic payments to a counterparty in exchange for the right to receive from the counterparty a payment equal to the par (or other agreed-upon) value of a referenced debt obligation in the event of a default or other credit event by the issuer of the debt obligation.
Investment policies, management fees and other matters of interest to prospective investors may be found in the Fund's disclosure documents, including its most currently filed financial statements and management reports of fund performance.
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.
Units 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 units 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.

PIMCO Canada Corp, 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350