Investment Grade Credit Fund (Canada)

Fund Code: PMO011

Updated 18 August 2017

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  • DAILY NAV (CAD)
    10.78
  • DAILY YTD RETURN
    5.07%
  • TOTAL NET ASSETS (USD)
    721 MM
    (as of 31-07-2017)
  • TOTAL NET ASSETS (USD)
    721 MM
    (as of 31-07-2017)
  • CLASS
    Fixed Income
  • Series Inception Date
    14-09-2015
  • CLASS
    Fixed Income
  • Series Inception Date
    14-09-2015

Objective

The Fund seeks to maximize current income consistent with preservation
of capital and prudent investment management.

Primary Portfolio

It invests primarily in non-Canadian dollar high quality corporate bonds diversified broadly across industries, issuers, and regions.

Overview

Fund Overview

Seeks attractive returns from high quality corporate bonds

Combining PIMCO’s forward-looking macroeconomic outlook and extensive bottom-up credit research, the fund helps investors take advantage of opportunities in higher-quality corporate bonds.

Why Invest in This Fund?

Attractive total return potential

The fund aims to provide investors with greater income potential relative to Treasuries and cash, as well as more income and less volatility in returns when compared to equity indexes.

Flexibility to enhance returns

The fund has the ability to broadly diversify across industries, issuers and regions of the corporate bond sector and can seek to add value through investments in high quality U.S. government bonds, mortgages and foreign bonds.

Extensive credit resources and research

Employing a disciplined approach to credit research, the fund accesses PIMCO’s team of more than 50 bottom-up credit investment professionals and utilizes top-down, bottom-up and valuation screens to identify what we believe are the most attractive opportunities in global credit markets.​

Our Expertise

Mark Kiesel was named Morningstar's 2012 Fixed Income Fund manager of the Year (U.S.) A longtime investment manager, he is CIO Global Credit, the global head of PIMCO's corporate bond portfolio management group and a senior member of the investment strategy and portfolio management group.

PRIMARY BENCHMARK

Bloomberg Barclays U.S. Credit Index CAD Hedged

PRIMARY BENCHMARK DESCRIPTION

Bloomberg Barclays U.S. Credit Index CAD Hedged is an unmanaged index comprised of publicly issued U.S. corporate and specified non-U.S. debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. This index was formerly known as the Bloomberg Barclays Credit Investment Grade Index. It is not possible to invest directly in an unmanaged index.

DISTRIBUTION FREQUENCY

Monthly with Daily Accrual

SERIES INCEPTION

14-09-2015

Managers

Mark R. Kiesel

CIO Global Credit

View Profile

Distributions

Historical Prices & Distributions

Latest Distributions ($/Share)1 as of 31-07-2017 (CAD) 0.0170
Distribution (YTD) 2 as of 31-07-2017 (CAD) 0.1464
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 1.25%
Management Expense Ratio (%)4 1.35%

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 31/12/2016. 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 18-08-2017

NAV $10.78 One Day Return -0.04%
Daily Change $-0.01 Daily YTD Return 5.07%
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.​

© 2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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. Morningstar Rating past performance is no guarantee of future results. For more detailed information about Morningstar Rating, including its methodology, please go to: The Morningstar Rating Methodology.

Portfolio Composition

All data as of unless otherwise stated

Sector Allocation
Market Value %

Government Related 11.67
Mortgage 3.30
Invest. Grade Credit 62.54
High Yield Credit 7.76
Emerging Markets 7.39
Municipal/Other 0.28
Net Other Short Duration Instruments 7.06

Duration in Years

Effective Duration (yrs) 6.56

Top 10 Industry
MV %

Banks 20.78
Electric Utility 4.49
Pipelines 4.34
Wirelines 4.23
Brokerage 3.76
Independent E&P 3.05
Technology 2.84
Financial Other 2.45
Media Cable 2.41
Insurance Life 2.04
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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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.