Global Short Maturity Fund (Canada)

Fund Code: PMO013

Updated 21 June 2019

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  • DAILY NAV (CAD)
    10.00
  • DAILY YTD RETURN
    -
  • TOTAL NET ASSETS (CAD)
    319 MM
    (as of 31-05-2019)
  • TOTAL NET ASSETS (CAD)
    319 MM
    (as of 31-05-2019)
  • CLASS
    Cash
  • Series Inception Date
    01-02-2019
  • CLASS
    Cash
  • Series Inception Date
    01-02-2019

Objective

Seeks maximum current income, consistent with preservation of capital and daily liquidity.

Primary Portfolio

Primarily non-Canadian dollar Fixed Income instruments of short-term maturities (average duration is less than or equal to 1 yr)

Overview

Fund Overview

By focusing on ultra-short, high quality fixed income securities, PIMCO Global Short Maturity Fund (Canada) offers higher income potential than traditional cash investments, with modest additional risk.

Why Invest in This Fund?

High quality portfolio

An actively managed enhanced cash strategy that seeks to dynamically manage risk and liquidity, the fund invests in a wide range of short-dated securities such as U.S. Treasury and agency securities, investment grade credit and high quality structured credit.

Lower potential volatility

The fund’s ultra-short duration is more resistant to interest rate fluctuations than longer-term bonds, resulting in generally lower price volatility. The fund’s investment guidelines prohibit investing in high yield securities and limits exposure to other fixed income sectors, which may increase volatility in periods of financial stress.

Access to proven expertise

PIMCO has been managing short-term strategies since 1986 and the fund is part of a suite of solutions that can meet a broad range of investor needs. We work with a variety of investors – including individuals, corporations, pension plans, foundations and universities – to create liquidity portfolios that best align with their investment objectives.

PIMCO investment philosophy and process

Founded on the principle of diversification, PIMCO believes no single strategy or position 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 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 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

3‑Month CDOR

PRIMARY BENCHMARK DESCRIPTION

The 3-month CDOR is the average bid-side rate for Canadian bankers acceptances determined daily from a survey of market makers and can be used as a proxy for the cost of 3-month bank funding. It does not reflect deductions for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

DISTRIBUTION FREQUENCY

Monthly with Daily Accrual

SERIES INCEPTION

01-02-2019

Managers

Jerome M. Schneider

Head of Short-Term Portfolio Management

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Andrew T. Wittkop

Portfolio Manager, Treasuries, Agencies, Rates

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Nathan Chiaverini

Portfolio Manager, Short-Term Desk

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Distributions

Historical Prices & Distributions

Latest Distributions ($/Share)1 as of 31-05-2019 (CAD) 0.0374
Distribution (YTD) 2 as of 31-05-2019 (CAD) 0.0803
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 0.60%
Management Expense Ratio (%) -

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.

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Disclosures

All investments contain risk and may lose value. 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. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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. For a complete description of the risks associated with a particular Fund, please refer to the Fund’s prospectus. 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. 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 the 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.  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.

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.


This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product.


The Funds offer different series, which are subject to different fees and expenses (which may affect performance), having different minimum investment requirements and are entitled to different services.


PIMCO Canada has retained PIMCO LLC as a subadvisor. PIMCO Canada remains responsible for any loss that arises out of the failure of its sub-advisor.