Monthly Income Fund (Canada)

Fund Code: PMIF

Updated 13 December 2018

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  • DAILY MARKET PRICE (CAD)
    $19.49
  • PREMIUM / DISCOUNT
    0.00%
  • DAILY NAV (CAD)
    $19.49
  • DAILY YTD RETURN
    0.01%
  • SHARES OUTSTANDING
    38,300,000
    (as of 13-12-2018)
  • 3 MONTH AVG. DAILY VOLUME
    202,413
    (as of 30-11-2018)
  • FUND INCEPTION DATE
    20-01-2011
  • SHARES OUTSTANDING
    38,300,000
    (as of 13-12-2018)
  • 3 MONTH AVG. DAILY VOLUME
    202,413
    (as of 30-11-2018)
  • FUND INCEPTION DATE
    20-01-2011

Objective

Seeks maximum current income consistent with preservation of capital and prudent investment management.

Primary Portfolio

Primarily non-Canadian dollar Fixed Income instruments of varying maturities

Overview

Fund Overview

The PIMCO Monthly Income Fund (Canada) may be an attractive option for income-oriented investors who seek a bond investment offering the potential for a relatively high and consistent stream of income with an emphasis on high-quality fixed income securities. The Fund is actively managed in an effort to maximize current income while maintaining a relatively low risk profile, with a secondary goal of capital appreciation.

Why Invest in This Fund?

Pursues income across global fixed-income sectors

The global economic landscape is constantly changing, causing different bond sectors to go in and out of favor. This Fund’s multi-sector approach allows it to seek out the best income-generating ideas in any given market climate, targeting multiple sources of income from a global opportunity set.

An explicit mandate to avoid concentrated risk

Rather than pursue only the highest income streams from potentially risky securities, the Fund seeks high and consistent dividend income from diversified sources. To maintain its higher average credit quality, the Fund limits below-investment-grade holdings to 50%. Of course, its investments in fixed-income securities will fluctuate in value in response to interest rate changes; rising rates will cause fixed-income securities held by the Fund to decrease in value.

Access to proven expertise

PIMCO has been actively managing income-producing securities for more than 30 years and is recognized as one of the world’s premier bond managers. Known for our innovative philosophy, proven expertise, extensive resources and experienced managers, we have dedicated specialists in virtually every sector of global fixed 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) to 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

Bloomberg Barclays U.S. Aggregate Index (CAD Hedged)

PRIMARY BENCHMARK DESCRIPTION

Bloomberg Barclays U.S. Aggregate Index (CAD Hedged) represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index.

DISTRIBUTION FREQUENCY

Monthly

SERIES INCEPTION

29-09-2017

PRIMARY LISTING EXCHANGE

Toronto Stock Exchange

Managers

Alfred T. Murata

Portfolio Manager, Mortgage Credit

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Daniel J. Ivascyn

Group Chief Investment Officer

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Joshua Anderson

Head of Global ABS Portfolio Management

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Distributions

Historical Prices & Distributions

Latest Distributions ($/Share) as of 22-11-2018 (CAD) 0.0510
Distribution (YTD) as of 22-11-2018 (CAD) 0.4812

Fees & Expenses

Management Fee (%)1 0.75%
Management Expense Ratio (%)2 0.87%

disclosures

1The Annual Management Fee is used to pay for investment management services and general administration of the fund, this fee does not include taxes.
2Management 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. Information presented is for the period from September 29, 2017 (inception of the series) to December 31, 2017..

Prices & Performance

Daily Statistics

All data as of 13-12-2018

NAV $19.49 Market Price $19.49
Daily Change $0.02 Daily Change $0.00
One Day Return 0.10% One Day Return 0.00%
Premium / Discount 0.00%
Click here to view Historical Prices
Prices & Performance Footnotes & Disclosures

disclosures

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling +44 203 3640 1552.
A rating is not a recommendation to buy, sell or hold a fund. © 2017 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. 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 - Duration in Years

Government Related 1.24
Mortgage 1.03
Invest. Grade Credit 0.49
High Yield Credit 0.36
Emerging Markets 0.32
Net Other Short Duration Instruments3 0.04
Municipal/Other 0.01

Duration in Years

Effective Duration (yrs) 3.48
Portfolio Composition Footnotes & Disclosures

disclosures

3Net Other Short Duration Instruments includes securities and other instruments (except instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money, short duration derivatives (for example Eurodollar futures) and derivatives offsets. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade for inclusion in this category. Derivatives Offsets includes offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position which in certain instances may exceed the actual amount owed on such positions.
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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