Canadian Short-Term Bond Fund

Fund Code: PMO101

Updated 24 May 2018

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  • DAILY NAV (CAD)
    10.08
  • DAILY YTD RETURN
    -0.16%
  • TOTAL NET ASSETS (CAD)
    11 MM
    (as of 30-04-2018)
  • TOTAL NET ASSETS (CAD)
    11 MM
    (as of 30-04-2018)
  • CLASS
    Fixed Income
  • Series Inception Date
    20-01-2011
  • CLASS
    Fixed Income
  • Series Inception Date
    20-01-2011

Objective

Seeks maximum total return, consistent with preservation of capital and prudent investment management.

Primary Portfolio

Primarily Canadian dollar Fixed Income instruments of shorter term maturities.

Overview

Fund Overview

The PIMCO Canadian Short Term Bond Fund offers diversification, and the possibility of higher investment returns relative to the FTSE TMX Canada Short Term Bond Index. The Fund seeks to invest in a diversified portfolio of Canadian dollar fixed-income instruments of varying maturities. It aims to preserve principal and generate a high level of current income.

Why Invest in This Fund?

Provides a solid core fixed-income holding

The Fund is a true core bond holding, focusing on high-quality short term bonds and aiming to avoid concentrated risk exposure. It also employs a variety of value-added strategies across the global bond markets to increase total return potential and reduce overall risk. Of course, interest rate fluctuations may cause its share value to rise or fall.

Value-added active management

We seek to add value through active management of the Fund, employing multiple strategies to avoid having a single strategy dominate returns. The portfolio offers the flexibility to invest across sectors and issuers. The average portfolio duration of this Fund normally varies within 1.5 to 3.5 years. The Fund employs PIMCO’s total return philosophy, seeking to balance capital appreciation potential and income.

PIMCO Investment Philosophy and Process

Founded on the principle of diversification, PIMCO believes no single strategy should dominate returns. The firm’s investment process utilizes both “top-down” and “bottom-up” approaches to selecting investments with the goal of combining perspectives from an economic, big-picture standpoint (top-down) and security level (bottom-up) in an effort to consistently add value over time within acceptable levels of portfolio risk. The investment management team evaluates the following:

Top-down strategies – which focus on duration, yield curve positioning, volatility and sector rotation. These strategies are driven by our secular outlook of the forces likely to influence the economy and financial markets over the next three to five years as well as our cyclical views over a six to nine month time horizon.

Bottom-up strategies – these drive our security selection process and facilitate the identification and analysis of undervalued securities. Here, we employ advanced proprietary analytics and expertise in all major fixed income sectors.

PRIMARY BENCHMARK

FTSE TMX Canada Short Term Bond Index

PRIMARY BENCHMARK DESCRIPTION

FTSE TMX Canada Short Term Bond Index is a subset of the FTSE TMX Canada Universe Bond Index that is designed to be a broad measure of the Canadian investment-grade fixed income markets. The FTSE TMX Canada Short Term Bond Index tracks investment-grade fixed income securities with remaining terms of greater of 1 to 5 years. Returns are calculated daily, and are weighted by market capitalization, so that the return on a bond influences the return on the index in proportion to the bonds market value. It is intended to be a transparent index, with individual security holdings disclosed electronically each day. There are four main credit or borrower categories: bonds issued by the Government of Canada (including Crown Corporations), Provincial bonds (including provincially-guaranteed securities), Municipal Bonds, and Corporate Bonds. The Corporate sector is further divided into sub-sectors based on credit rating: a combined AAA/AA sector, a single-A sector, and a BBB sector. It is not possible to invest directly in an unmanaged index.

DISTRIBUTION FREQUENCY

Quarterly

SERIES INCEPTION

20-01-2011

Managers

Ed Devlin

Head of Canadian Portfolio Management

View Profile

Distributions

Historical Prices & Distributions

Latest Distributions ($/Share)1 as of 29-03-2018 (CAD) 0.0629
Distribution (YTD) 2 as of 29-03-2018 (CAD) 0.0629
Yields & Distributions Footnotes & Disclosures

disclosures

1Data does not include special cash dividends.
2Data is based on distributions since the most recent calendar year end and does not include special cash dividends.

Fees & Expenses

Management Fee (%)3 1.00%
Management Expense Ratio (%)4 1.05%

disclosures

3The Annual Management Fee is used to pay for investment management services and general administration of the fund, this fee does not include taxes.
4As of 31/12/2017. 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 24-05-2018

NAV $10.08 One Day Return 0.08%
Daily Change $0.01 Daily YTD Return -0.16%
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

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ​​​​​​​

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar Ratings

Prices & Performance Footnotes & Disclosures

disclosures

A sales communication that includes a rate of return or a mathematical table illustrating the potential effect of a compound rate of return must contain a statement in substantially the following words: “[The rate of return or mathematical table shown] is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of [the investment fund or asset allocation service] or returns on investment [in the investment fund or from the use of the asset allocation service].”

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 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.​

A rating is not a recommendation to buy, sell or hold a fund. © 2018 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 Rating™ 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.

Portfolio Composition

All data as of unless otherwise stated

Duration in Years

Effective Duration (yrs) 2.72

Top Sectors
MV %

Canada 64.97
Other 58.72
Agency 4.81
Federal 1.44
Canadian Credit 28.69
AA 14.05
A 7.90
BAA 5.09
AAA 1.64
Provincial 21.96
Ontario 9.00
Quebec 7.13
Alberta 5.82
British Columbia 0.00
Manitoba 0.00
New Brunswick 0.00
Newfoundland 0.00
Nova Scotia 0.00
Prince Edwards Island 0.00
Saskatchewan 0.00
Foreign 11.04
Mortgage 20.12
Government Related Long 3.89
Credit 2.87
Other Long 0.00
Other Short 0.00
Government Related Short -15.84
ILB 10.92
Canada 10.92
Australia 0.00
France 0.00
Italy 0.00
Japan 0.00
Sweden 0.00
UK 0.00
US 0.00
Other 0.00
Canadian Other5 1.22
Other 1.22
ABS 0.00
Municipal 0.00
High Yield Credit 0.86
BA 0.86