PIMCO Inflation Response Multi-Asset Fund INSTL (PIRMX)

All data as of 04/30/13, unless otherwise indicated.
PIMCO
Objective
Seeks total return which exceeds that of its benchmark
Primary Portfolio
Treasury Inflation-Protected Securities (TIPS), commodities, emerging market currencies, real estate investment trusts, gold and PIMCO funds
At a Glance
SymbolPIRMX
CUSIP Number 72201W337
Total Fund Assets (in millions) $300.0
Share Class Inception Date 8/31/2011
Dividend Frequency Quarterly
Maximum Sales Charge -
Net Operating Expenses 0.8 %
Total Annual Operating Expenses 1.04 %

Daily Price
NAV Day Return
$10.05 -$0.03 -0.30%
YTD Return
-1.76%
As of 05/17/13

Historical Prices

05/14/13

$10.11

05/15/13

$10.08

05/16/13

$10.08
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
A comprehensive real return approach to hedging global inflation risks

Inflation often appears quickly and unexpectedly, making it important for long-term investors to be prepared in all market environments. PIMCO Inflation Response Multi-Asset Fund seeks to protect purchasing power, by providing inflation-hedging characteristics and potential return generation in varying inflationary environments.


Why Invest In This Fund
Potential diversification benefits

While traditional assets, such as stocks and bonds, have historically underperformed in inflationary periods, inflation-related assets tend to exhibit a positive correlation (the tendency to move in lockstep) to inflation, which can enhance portfolio diversification, while helping to hedge against inflation risk. Of course, diversification does not guarantee a profit or protect against loss.


Explicit tail risk hedging

In an interconnected and turbulent global economy that is likely to experience continued periods of market stress, PIMCO believes that tail-risk hedging is essential for preserving and enhancing long-term portfolio returns. To that end, the fund employs an array of hedging strategies designed to help limit losses during large and unanticipated market downturns.


PIMCO’s real return management expertise

PIMCO has four decades of experience managing a wide range of fixed income portfolios. PIMCO remains one of the world’s largest investors in inflation-related assets. By drawing on the expertise of our global real return team, as well as PIMCO’s firm wide resources, the fund is able to take advantage of our macro inflation outlook and bottom-up research capabilities.

View All Fund Literature

Managers

Mihir P. Worah

Mr. Worah is a managing director in the Newport Beach office, a portfolio manager, and head of the real return portfolio management team. He was previously a member of the analytics team and worked on real and nominal term structure modeling and options pricing. Prior to joining PIMCO in 2001, he was a postdoctoral research associate at the University of California, Berkeley, and the Stanford Linear Accelerator Center, where he built models to explain the difference between matter and anti-matter. In 2012 he co-authored “Intelligent Commodity Indexing,” published by McGraw-Hill. He has 12 years of investment experience and holds a Ph.D. in theoretical physics from the University of Chicago.

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.

A word about risk:
Inflation-linked bonds (ILBs) issued by a government are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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. Diversification does not ensure against loss. The value of most bond funds and fixed income securities are impacted by changes in interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise.

Annual Report of Proxy Voting Records, Form N-PX »
Quarterly Schedule of Portfolio Holdings, Form N-Q »

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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