PIMCO Global Multi-Asset Fund INSTL (PGAIX)

All data as of 05/31/13, unless otherwise indicated.
PIMCO
Objective
The Fund seeks maximum long-term absolute return, consistent with prudent management of portfolio volatility.
Primary Portfolio
PIMCO Funds (except All Asset, All Asset All Authority and the RealRetirement Funds) as well as other fixed-income instruments, equity securities and other instruments
At a Glance
SymbolPGAIX
CUSIP Number 72201P100
Total Fund Assets (in millions) $4,554.2
Share Class Inception Date 10/29/2008
Dividend Frequency Quarterly
Maximum Sales Charge -
Net Operating Expenses 0.99 %
Total Annual Operating Expenses 1.46 %

Daily Price
NAV Day Return
$10.89 -$0.03 -0.27%
YTD Return
-4.11%
As of 06/14/13

Historical Prices

06/11/13

$10.88

06/12/13

$10.80

06/13/13

$10.92
Performance quoted represents past performance and is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than average annual returns shown. Performance quoted does not reflect any sales charges, if applicable, and performance would be lower if it did. Click Performance tab for performance current to the most recent month-end.
Fund Overview
Asset allocation for a changing world

The fund seeks to deliver attractive risk-adjusted returns by combining PIMCO’s time-tested investment process with the flexibility to invest in a range of global asset classes – stocks, bonds, commodities and currencies. It brings together three value-enhancing components into a single asset allocation portfolio, designed to capture global opportunities and limit downside risks created by today’s continually evolving marketplace.


Why Invest In This Fund
A forward-looking allocation strategy

In an evolving global economy, traditional allocation approaches may fail to account for changing relationships across markets. By contrast, the fund’s asset allocation expresses PIMCO’s forward-looking investment views, which balance a long-term global outlook with shorter-term views designed to tactically respond to market changes. It does this by efficiently targeting and diversifying key portfolio risks.


An innovative three-part strategy

The fund uses three distinct but interconnected components to help add value for investors: 1) risk-factor-based asset allocation decisions that reflect PIMCO’s top-down global macro views, 2) bottom-up “alpha” strategies designed to enhance returns within asset classes and 3) tail risk hedging that aims to limit losses during severe market downturns.


Time-tested investment expertise

Each of the fund’s four experienced portfolio managers contributes distinct responsibilities and skills to bring the fund’s strategy to life. They draw on PIMCO’s full toolkit: our rigorously developed global macro outlook, our robust bottom-up security analysis and our research teams’ deep reservoir of specialized investment expertise.

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Managers

Mohamed A. El-Erian

Dr. El-Erian is CEO and co-CIO of PIMCO and is based in the Newport Beach office. He re-joined PIMCO at the end of 2007 after serving for two years as president and CEO of Harvard Management Company, the entity that manages Harvard’s endowment and related accounts. Dr. El-Erian also served as a member of the faculty of Harvard Business School. He first joined PIMCO in 1999 and was a senior member of PIMCO's portfolio management and investment strategy group. Before coming to PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. Dr. El-Erian has published widely on international economic and finance topics. His book, "When Markets Collide," was a New York Times and Wall Street Journal bestseller, won the Financial Times/Goldman Sachs 2008 Business Book of the Year and was named a book of the year by The Economist and one of the best business books of all time by the Independent (UK). He was named to Foreign Policy’s list of “Top 100 Global Thinkers” for 2009, 2010 and 2011. Dr. El-Erian has served on several boards and committees, including the U.S. Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics and the IMF's Committee of Eminent Persons. He is currently a board member of the NBER, the Carnegie Endowment for International Peace, and Cambridge in America. He holds a master's degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University.

Saumil H. Parikh, CFA

Mr. Parikh is a managing director in the Newport Beach office and generalist portfolio manager, focusing on asset allocation, multi-sector fixed income and absolute return portfolios. Mr. Parikh is also a member of the PIMCO Investment Committee and leads the firm’s cyclical economic forums. He previously served as a specialist portfolio manager on the short-term, mortgage and global portfolio management teams. Prior to joining PIMCO in 2000, Mr. Parikh was a financial economist and market strategist at UBS Warburg. He has 14 years of investment experience and holds undergraduate degrees in economics and biology from Grinnell College.

Curtis Mewbourne

Mr. Mewbourne is a managing director and head of portfolio management for PIMCO's New York office. As a generalist portfolio manager, he manages institutional accounts and mutual funds across a wide range of strategies. Mr. Mewbourne serves as a member of the global operating committee, the PM management group and the PIMCO Foundation investment committee. Prior to joining PIMCO in 1999, he was a bond trader at Salomon Brothers and at Lehman Brothers. Mr. Mewbourne was nominated for Morningstar's Fixed Income Manager of the Year award in 2010. He has 21 years of trading and portfolio management experience. He holds an engineering degree in computer science from the University of Pennsylvania.

Vineer Bhansali

Dr. Bhansali is a managing director and portfolio manager in the Newport Beach office. He currently oversees PIMCO's quantitative investment portfolios. From 2000, he also headed PIMCO's firmwide analytics department. Prior to joining PIMCO in 2000, he was a proprietary trader in the fixed-income trading group at Credit Suisse First Boston and in the fixed income arbitrage group at Salomon Brothers in New York. Previously, he was head of the exotic and hybrid options trading desk at Citibank in New York. He is the author of numerous scientific and financial papers and of the books "Bond Portfolio Investing and Risk Management," "Pricing and Managing Exotic and Hybrid Options," and "Fixed Income Finance: A Quantitative Approach." He currently serves as an associate editor for the International Journal of Theoretical and Applied Finance. He has 22 years of investment experience and holds a Ph.D. in theoretical particle physics from Harvard University. He has a master's degree in physics and an undergraduate degree from the California Institute of Technology.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor or PIMCO representative.  Click here for a complete list of the PIMCO Funds prospectuses and summary prospectuses. Please read them carefully before you invest or send money.

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A word about risk: The Fund invests in other funds and performance is subject to underlying investment weightings which will vary. The cost of investing in the Fund will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. Absolute return portfolios may not necessarily fully participate in strong (positive) market rallies. Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; 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. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. The Fund may seek exposure to commodities through commodity-linked derivatives through the PIMCO Cayman Commodity Fund II Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by PIMCO and may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Derivatives and commodity-linked 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. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested. 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. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. The Fund is non-diversified, which means that it may invest its investments in a smaller number of issuers than a diversified fund.

The net expense ratio reflects a contractual expense reduction agreement through 31 July 2013.

Past performance is not a guarantee or a reliable indicator of future results. For funds with at least a 3-yr history, Morningstar calculates a Morningstar Rating based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees) with an emphasis on downward variations and consistent performance. The top 10% of funds in each 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 is a weighted average of the performance figures for its 3-, 5- and 10-yr (if applicable) Morningstar Rating metrics. Morningstar, Inc.® 2011. All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (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. Hollow stars represent a class of shares with inception dates that is different than the inception date of the fund. For the period prior to the inception date of these shares, performance information is based on the performance of the fund’s Institutional Class shares, adjusted to reflect the actual distribution and/or service (12b-1) fees and other expenses paid by the newer share class.


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