PIMCO Credit Absolute Return Fund INSTL (PCARX)

All data as of 04/30/13, unless otherwise indicated.
PIMCO
Objective
The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.
Primary Portfolio
Diversified portfolio of fixed-income instruments of varying maturities
At a Glance
SymbolPCARX
CUSIP Number 72201W394
Total Fund Assets (in millions) $879.8
Share Class Inception Date 8/31/2011
Dividend Frequency Quarterly
Maximum Sales Charge -
Net Operating Expenses 0.9 %
Total Annual Operating Expenses 0.9 %

Daily Price
NAV Day Return
$10.79 $0.000.00%
YTD Return
2.51%
As of 05/21/13

Historical Prices

05/16/13

$10.80

05/17/13

$10.80

05/20/13

$10.79
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 flexible, risk-focused approach to global credit markets

Amid current global macroeconomic trends, a global flexible approach to credit across the quality spectrum may be beneficial for investors. PIMCO Credit Absolute Return Fund offers long and short exposure across multiple global credit sectors with greater flexibility than a traditional benchmark-constrained approach.


Why Invest In This Fund
Access to a global opportunity set

The fund has the ability to assume both long and short exposures across multiple global credit sectors in an effort to target absolute returns. It is designed for investors who are seeking a strategic allocation to credit with greater flexibility than a traditional benchmark-constrained. Although this strategy may enhance performance, particularly during market declines, it may lag during strong up markets.


Value-added active management

The fund can access a broad range of global credit sectors, including investment grade, high yield, emerging market corporate and sovereign debt, bank loans, convertibles and municipal securities and can actively adjust long and short credit exposures to target opportunities in various market environment while seeking to provide active downside risk protection.


Access to PIMCO’s investment process and credit expertise

The fund draws on PIMCO’s disciplined approach to credit research, accessing the full depth and breadth of our internal global credit research teams. Our firm-wide macroeconomic outlook, which forecasts the forces likely to impact fixed income markets over the short and long term, likewise helps drive our allocation and positioning strategies.

View All Fund Literature

Managers

Mark R. Kiesel

Mr. Kiesel is a managing director in the Newport Beach office, a generalist portfolio manager, global head of the corporate bond portfolio management group and a senior member of the investment strategy and portfolio management group. Morningstar named him Fixed Income Fund Manager of the Year in 2012 and a finalist in 2010. He has written extensively on the topic of global credit markets, founded the firm’s Global Credit Perspectives publication and regularly appears in the financial media. He joined PIMCO in 1996 and previously served as PIMCO's head of equity derivatives and as a senior credit analyst. He has 20 years of investment experience and holds an MBA from the University of Chicago's Graduate School of Business. He received his undergraduate degree from the University of Michigan.

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:
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. 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. Convertible securities may be called before intended, which may have an adverse effect on investment objectives. 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. 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 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.

Absolute return portfolios may not necessarily fully participate in strong (positive) market rallies.

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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