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US High Yield Bond Fund Inst - Acc

Article Introduction

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  • About this Fund
  • Performance

Objective
The High Yield Bond Fund seeks to maximise total return and limit risk with an emphasis on upper tier US high yield bonds. The fund invests at least two-thirds of its assets in a diversified portfolio of US high yield bonds rated lower than Baa by Moody's or BBB by S&P, with a maximum of 20% of its assets in securities rated lower than B.

At a Glance
ISIN IE0002460974
Bloomberg Ticker PIMHYBA
Fund Total Net Assets 2,687,611,168.18 USD
Management Fees (%) 0.55
Benchmark BofA ML HY Constrained Index
Fund Inception Date 05/28/1998
Class Inception Date 05/28/1998
Base Currency Code USD
Effective Duration (Years) 3.12
Current Yield (%) 5.60
% YTD Performance 4.83
Effective Maturity 4.67
Average Coupon 5.84
Bull Duration Delta -0.17
Bear Duration Delta 0.16
Curve Duration -0.01
Mortgage Spread Duration 0.00

Data as of 05/31/2017

Daily Prices (USD)

NAV Day Change
32.34 -0.06
-0.19%
YTD Return (Net of Fees)
4.80%
as of 06/20/2017

Historical Prices (USD)

06/16/2017 06/19/2017 06/20/2017
32.37 32.40 32.34
All Historical Data
US High Yield Bond Fund Filter Results
Pricing Distributions
The Inception Date (earliest data available) for this fund is 05/28/1998
Start Date:
End Date:
Summary
The fund invests primarily in a range of "high yield" fixed income securities (which are loans that pay a fixed or variable rate of interest) issued by companies from around the world. These will mainly be priced in US Dollars but the fund may also hold other currencies as well as securities that are priced in other currencies. The fund may invest in emerging markets, which in investment terms are those economies that are still developing. The fund's benchmark is the BofA Merrill Lynch US High Yield BB-B Rated Constrained Index. It is used to measure duration. Duration is the sensitivity of a fixed income security to a change in interest rates. The longer the duration of a fixed income security, the higher its sensitivity to interest rates. These high yield investments have a rating lower than "Baa" from Moody's or "BBB" from S&P, reflecting the higher risk of an institution defaulting on its payments. The fund may also invest up to 20% in lower rated securities of "Caa" and "CCC" by these same agencies. These are generally considered to be riskier investments but pay a higher income.
Fund Specific Documents
Quarterly Investment Reports
Holdings
Fund Net Cash Flow
Click here to view "KIIDs"
Managers
Andrew R. Jessop

Mr. Jessop is a managing director and high yield portfolio manager in the Newport Beach office. Prior to joining PIMCO in 2009, he was a managing director, portfolio manager and co-head of the high yield group at Goldman Sachs Asset Management, where he spent 12 years. Mr. Jessop was previously a high yield portfolio manager at Saudi International Bank in London. He has 29 years of investment experience and holds a degree from Queens' College, Cambridge University.

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.

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General Documents

Prospectus
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KIIDs
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Holiday Season Dealing Dates
Renumeration Policy

​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: BofA Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index tracks the performance of BB-B Rated US Dollar-denominated corporate bonds publicly issued in the US domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an unmanaged index.

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

In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

The Fund invests primarily in high-yield bonds, which entail greater risk, such as less liquidity and possibility of default. The Fund may invest in non-US securities, which may entail greater risk due to non-US economic and political developments and may be enhanced when investing in emerging markets. This Fund may use derivative instruments for efficient portfolio management purposes. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested. The credit quality of the investment in the portfolio does not apply to the stability or safety of the Fund. The Fund offers different share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. 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 2012, PIMCO 
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