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Capital Securities Fund Inst - Acc

Article Introduction

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  • About this Fund
  • Performance

Objective
​The PIMCO Capital Securities Fund is an actively managed global portfolio that invests primarily in subordinated debt instruments issued by banks, insurance companies, and other specialty finance companies. The investment universe includes Tier 1, Upper Tier 2, Lower Tier 2, and Contingent Convertible (“CoCo”) bonds. The fund maintains flexibility to invest across the capital structure of these issuers, though most investments will be concentrated in Tier 1, Upper Tier 2, and Contingent Convertible bonds over time. The Fund seeks to hold the most attractively priced securities from a broad global opportunity set, taking advantage of currency dislocations from bonds of the same issuer, spread differentials within the capital structure, and harnessing PIMCO’s global financials research and macro forecasting capabilities.

At a Glance
ISIN IE00B6VH4D24
Bloomberg Ticker PIMCINA
Fund Total Net Assets 7,413,700,191.01 USD
Management Fees (%) 0.79
Benchmark 3 Month USD LIBOR Index
Fund Inception Date 07/31/2013
Class Inception Date 07/31/2013
Base Currency Code USD
Effective Duration (Years) 4.54
Current Yield (%) 4.60
% YTD Performance 6.56
Effective Maturity 6.10
Average Coupon 5.09
Bull Duration Delta 0.07
Bear Duration Delta -0.07
Curve Duration 0.22
Mortgage Spread Duration 0.00

Data as of 05/31/2017

Summary
​The fund invests on a global basis, primarily in the financial sector, through a range of fixed income securities with fixed and variable interest rates. Securities may be rated investment grade or below investment grade. 2 The fund may invest in instruments such as convertible bonds (bonds that can be converted into shares) and equity securities.

Daily Prices (USD)

NAV Day Change
16.74 0.04
+0.24%
YTD Return (Net of Fees)
5.55%
as of 06/20/2017

Historical Prices (USD)

06/16/2017 06/19/2017 06/20/2017
16.69 16.70 16.74
All Historical Data
Capital Securities Fund Filter Results
Pricing Distributions
The Inception Date (earliest data available) for this fund is 07/31/2013
Start Date:
End Date:
Fund Specific Documents
Quarterly Investment Reports
Holdings
Fund Net Cash Flow
Click here to view "KIIDs"
Managers
Philippe Bodereau

Mr. Bodereau is a managing director and portfolio manager in the London office and global head of financial research. He is also the lead analyst for global financial institutions. Prior to joining PIMCO in 2004, he was a senior banking analyst at Société Générale in London and Paris. Mr. Bodereau started his career at J.P. Morgan in 1996, where he held various positions in the private banking and global markets divisions in Brussels and London. He has 21 years of investment experience and holds a master's degree in finance from French business school EDHEC.

Benchmark:
All Data as of
Time Period 1 mth 3 mth 6 mth 1 year 3 years 5 years 10 years Since Inception
Fund %
Benchmark %
Alpha %
All Data as of
Fund Performance
Chart shows performance from first month-end for the oldest share class.
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 +44 207 872 1369. 

Effective Duration: Measure of a bond portfolio's (or a bond's) price sensitivity to changes in interest rates. It is a weighted maturity at present value of all principal and interest payments.

Average Credit Quality: The credit quality of the holdings in a portfolio does not apply to the safety or stability of the fund.

Benchmark:  The three-month USD LIBOR (London Interbank Offered Rate) Index is an average interest rate, determined by the British Bankers Association, that banks charge one another for the use of short-term money (three months) in England’s eurodollar market.

Investors should consider the investment objectives, risks, charges and expenses of these Funds carefully before investing. This and other information is contained in the Fund's prospectus. Please read the prospectus carefully before you invest or send money. For a copy of the Fund’s Prospectus, contact: Brown Brothers Harriman Fund Administration Services (Ireland) Limited, Telephone +353 1 241 7100, Fax +353 1 241 7101. email: PIMCOTeam@bbh.com

The fund can invest a portion of its assets in non-Euro securities, which can entail greater risks due to non-Euro economic and political developments. This risk may be enhanced when investing in Emerging Markets. Investment in a fund that invests in high-yield, lower-rated securities, will generally involve greater volatility and risk to principal than investments in higher-rated securities. This fund may use derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks. Portfolios investing in derivatives could lose more than the principal amount invested.

Diversification does not ensure against loss. Each sector of the bond market entails risk. Some bonds may realize gains and may incur a tax liability from time to time. Any guarantee on government bonds is to the timely repayment of principal and interest, shares of a portfolio that invest in them are not guaranteed. Mortgage and Asset backed securities are subject prepayment risk and may be sensitive to changes in prevailing interest rates, when they rise the value generally declines.

With corporate bonds there is no assurance that issuers will meet their obligations. An investment in high-yield securities generally involves greater risk to principal than an investment in higher-rated bonds. 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. 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. 

Distributed by PIMCO Europe Ltd, 11 Baker Street, London, W1U 3AH, England.

No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission.

Copyright 2013, PIMCO
​

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