Flexible Global Bond Fund (Canada)

Fund Code: PMO106

Updated 24 May 2018

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  • DAILY NAV (CAD)
    10.47
  • DAILY YTD RETURN
    -0.60%
  • TOTAL NET ASSETS (CAD)
    196 MM
    (as of 30-04-2018)
  • TOTAL NET ASSETS (CAD)
    196 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 non-Canadian dollar Fixed Income instruments of varying maturities

Overview

Prior to 23 February 2018, the PIMCO Flexible Global Bond Fund (Canada) was named PIMCO Global Advantage Strategy Bond Fund (Canada).

Fund Overview

The PIMCO Flexible Global Bond Fund is an actively managed, core bond solution. The fund invests around the world focusing on global duration. Active positioning will include country selection, yield curve and interest rate views, in addition to relative sector exposures and tactical currency positions. The fund incorporates PIMCO’s best ideas in global fixed income with more flexibility than a traditional benchmark oriented global bond strategy, while focusing on retaining core-bond characteristics.

Why Invest in This Fund?

A global opportunity set

The Flexible Global Bond Fund draws on PIMCO’s global resources and investment process to actively manage what we believe are the most attractive global fixed income opportunities – including developed and emerging markets, corporate and government securities, securitized assets and currencies. The Fund aims to deliver a more diversified global bond allocation that can act as a hedge against equity risk in a portfolio allocation. The fund is designed to reflect PIMCO’s highest conviction macroeconomic views, while still delivering the diversifying value of global bonds.

Broad diversification

The Fund aims to provide a core bond solution across global markets and sectors—from developed to developing countries, nominal to real (inflation-hedging) assets and cash to derivatives. With a portfolio that is more representative of the global opportunity set, investors may be better positioned to benefit from long-term change. Of course, diversification does not guarantee a profit or eliminate the risks of investing.

Expert management positioned around the world

Andrew Balls, Deputy CIO, managing director and head of European portfolio management is at the helm of this strategy supported by PIMCO’s talented portfolio management resources located around the world. Moreover, the portfolio benefits from PIMCO’s four decades of active bond management experience and the expertise of its international portfolio managers from developed market rates specialists to emerging markets portfolio managers, inflation-linked bond experts to credit research analysts.

PIMCO Investment Philosophy and Process

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– which 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

Bloomberg Barclays Global Aggregate (CAD Hedged) Index

PRIMARY BENCHMARK DESCRIPTION

Bloomberg Barclays Global Aggregate (CAD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities. It is not possible to invest directly in an unmanaged index.

DISTRIBUTION FREQUENCY

Quarterly

SERIES INCEPTION

20-01-2011

Managers

Andrew Balls

CIO Global Fixed Income

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Sachin Gupta

Head of Global Portfolio Management Desk

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Pramol Dhawan

Portfolio Manager, Emerging Markets

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Distributions

Historical Prices & Distributions

Latest Distributions ($/Share)1 as of 29-03-2018 (CAD) 0.1315
Distribution (YTD) 2 as of 29-03-2018 (CAD) 0.1315
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 1.30%
Management Expense Ratio (%)4 1.43%

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 $10.47 One Day Return -0.03%
Daily Change $0.00 Daily YTD Return -0.60%
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

Sector Allocation
Duration %

Government Related -32.24
Inflation Linked 0.06
Securitised 45.19
Covered Bonds and Pfandbriefe 21.20
Investment Grade Credit 21.76
High Yield Credit 5.27
Municipals 0.00
EM External 32.95
EM Local 12.06
Other 0.00
Net Other Short Duration Instruments -6.26

Duration in Years

Effective Duration (yrs) 2.02

Top Countries
DWE %

United States 69.98
Germany 40.54
Mexico 16.13
Spain 15.39
Australia 13.95
Denmark 10.22
Sweden 9.77
Canada 8.00
Indonesia 7.64
France 6.82

Top 10 Country Exposure (FX%)

China 3.68
United Kingdom 3.62
Russia 2.40
Mexico 2.37
Sweden 1.85
Turkey 1.10
Norway 1.09
Argentina 0.74
Nigeria 0.40
United States -11.80
Portfolio Composition Footnotes & Disclosures

disclosures

Duration is a measure of the fund's price sensitivity to changes in interest rates expressed in years.

Portfolio structure is subject to change without notice and may not be representative of current or future allocations.

Effective duration is the duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change.

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