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Monthly Fact Card Monthly Commentaries

Global Short Maturity Fund (Canada)

Fund Code: PMO213

Updated 10 September 2024

Monthly Fact Card Monthly Commentaries

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  • DAILY NAV (CAD)
    9.44
  • DAILY YTD RETURN
    3.82%
  • TOTAL NET ASSETS (CAD)
    427 MM
    (as of 31-08-2024)
  • TOTAL NET ASSETS (CAD)
    427 MM
    (as of 31-08-2024)
  • CLASS
    Fixed Income
  • Series Inception Date
    01-02-2019
  • CLASS
    Fixed Income
  • Series Inception Date
    01-02-2019

Objective

Seeks current income exceeding short-dated government securities, consistent with principal preservation and liquidity.

Primary Portfolio

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

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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 an experienced investment manager

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 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

Canadian Overnight Repo Rate (CORRA)

PRIMARY BENCHMARK DESCRIPTION

Canadian Overnight Repo Rate (CORRA) measures the cost of overnight general collateral funding in Canadian dollars using Government of Canada treasury bills and bonds as collateral for repurchase transactions.

DISTRIBUTION FREQUENCY

Monthly with Daily Accrual

SERIES INCEPTION

01-02-2019

Managers

Jerome M. Schneider

Portfolio Manager

View Profile for Jerome M. Schneider

Andrew T. Wittkop

Portfolio Manager, Treasuries, Agencies, Rates

View Profile for Andrew T. Wittkop

Nathan Chiaverini

View Profile for Nathan Chiaverini

Distributions

Historical Prices & Distributions

Latest Distributions ($/Unit)1 as of 30-08-2024 (CAD) 0.0456
Distribution (YTD) 2 as of 30-08-2024 (CAD) 0.3312

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 0.35%
Management Expense Ratio (%)4 0.40%

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 06/30/2024. 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.

Documents

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Disclosures

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

No offering is being made by this material. Interested investors should obtain a copy of the prospectus, which is available on pimco.ca or from your Financial Advisor.

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. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. Convertible securities may be called before intended, which may have an adverse effect on investment objectives. Entering into short sales includes the potential for loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the portfolio. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. 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. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

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


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