GIS Euro Income Bond Fund

ISIN: IE00B3V8Y234

Updated 30 November 2020

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  • DAILY NAV (EUR)
    15,64
  • DAILY YTD RETURN
    1,43%
  • TOTAL NET ASSETS (EUR)
    3.208 MM
    (as of 31/10/2020)
  • TOTAL NET ASSETS (EUR)
    3.208 MM
    (as of 31/10/2020)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    28/02/2011
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    28/02/2011

Objective

The primary investment objective of the Euro Income Bond Fund is to maximise current income, consistent with prudent investment management. Long-term capital appreciation is a secondary objective.

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Overview

Fund Description

The Euro Income Bond Fund targets a consistent annualdistribution yield achieved via an actively managed portfolioof predominantly euro-denominated, investment gradebonds with an average duration of one to eight years. Thefund targets higher coupon securities that generate incomefor the portfolio. The fund will allocate a minimum of 50%to Investment Grade securities, and a maximum of 25% toEmerging Market securities and a maximum of 30% noneurocurrency exposure.

Investor Benefits

The fund offers an actively managed and diversified strategywith a primary goal of income generation, and a secondarygoal of capital appreciation over a full market cycle.

The Fund Advantage

The fund’s diversified strategy and extensive fixed income opportunity set can offer potential for investors seeking consistent income and capital appreciation.

BENCHMARK

Bloomberg Barclays Euro Aggregate 1‑10 Year Bond Index

BENCHMARK DESCRIPTION

The Bloomberg Barclays Euro Aggregate 1-10yr bond index represents the Euro Aggregate 1-10yr component of the Bloomberg Barclays Pan-European Aggregate index. The Bloomberg Barclays Euro-Aggregate Index consists of bonds issued in the euro or the legacy currencies of the 17 sovereign countries participating in the European Monetary Union (EMU). All issues must be investment grade rated, fixed-rate securities with at least one year remaining to maturity. The Euro-Aggregate Index excludes convertible securities, floating rate notes, perpetual notes, warrants, linked bonds, and structured products. German Schuldscheine (quasi-loan securities) are also excluded because of their trading restrictions and unlisted status, which results in illiquidity. The country of issue is not an index criterion, and securities of issuers from outside the Eurozone are included if they meet the index criteria. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

28/02/2011

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

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BASE CURRENCY

ISIN

IE00B3V8Y234

TICKER

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SEDOL

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SHARE CLASS CURRENCY

CUSIP

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VALOREN

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WKN

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VAG Compliance

Traspasable

Yes

RELATED

Managers

Eve Tournier

Head of European Credit Portfolio Management

View Profile for Eve Tournier

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 31/10/2020 2,55%
Current Yield2 as of 31/10/2020 2,19%

disclosures

1PIMCO calculates a Fund's Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO pulls each security's yield to maturity from PIMCO's Portfolio Analytics database. When not available in the PIMCO's Portfolio Analytics database, PIMCO pulls the security's yield to maturity from Bloomberg. When not available in either database, PIMCO will assign a yield to maturity for that security from a PIMCO matrix based on prior data.
2The estimate of current yield is based on PIMCO's best judgment for the securities in the portfolio on the date shown. PIMCO makes no representation on the accuracy or the methodology used.

Fees & Expenses

Unified Fee 0,49%

Prices & Performance

Daily Statistics

All data as of 30/11/2020

NAV (EUR) 15,64 One Day Return 0,00%
Daily Change (EUR) 0,00 Daily YTD Return 1,43%

All data as of

All data as of

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.

Calendar Year Returns %

All data as of

Morningstar Ratings

disclosures

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 +44 203 3640 1552.
A rating is not a recommendation to buy, sell or hold a fund. © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (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. For more detailed information about Morningstar Rating, including its methodology, please go to: The Morningstar Rating Methodology.

Portfolio Composition

All data as of unless otherwise stated

Maturity %

0-1 yrs 40,83
1-3 yrs -14,47
3-5 yrs 31,94
5-10 yrs 33,77
10-20 yrs 0,09
20+ yrs 7,84
Effective Maturity (yrs) 6,03

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 5,18
Sharpe Ratio3 0,38
Information Ratio4 -0,06
Tracking Error5 3,78

Top Industry Sectors
Market Value %

Banks 18,83
Automotive 6,77
Financial Other 3,62
Technology 2,57
REITS: Office 2,42
Media Cable 2,39
Chemicals 2,28
Wirelines 2,01
Healthcare 1,88
Captive Consumer 1,64

Duration %

0-1 yrs 3,77
1-3 yrs -4,96
3-5 yrs 26,08
5-7 yrs 32,17
7-8 yrs 20,08
8-10 yrs 22,19
10+ yrs 0,67
Effective Duration (yrs) 2,76

Sector Allocation
Market Value %

Government Related6 -43,27
United Kingdom -2,08
Australia 0,00
EMU -30,32
Japan 0,00
United States -10,88
Other 0,00
Securitized 18,74
United Kingdom 0,17
Australia 0,00
EMU 6,49
Japan 0,00
United States 12,08
Other 0,00
Invest. Grade Credit 58,72
United Kingdom 2,01
Australia 0,00
EMU 38,71
Japan 0,00
United States 10,76
Other 7,23
High Yield Credit 23,54
United Kingdom 0,94
Australia 0,00
EMU 21,78
Japan 0,00
United States 0,82
Other 0,00
Emerging Markets7 6,02
Asia 1,29
Europe 2,75
Latin America 0,67
Middle East 0,72
Other 0,59
EM Short Duration Instruments 0,00
Municipal/Other8 0,00
United Kingdom 0,00
Australia 0,00
EMU 0,00
Japan 0,00
United States 0,00
Other 0,00
Net Other Short Duration Instruments9 36,26
Commingled Cash Vehicles 3,58
Commercial Paper/STIF 0,69
Certificate of Deposit 0,00
Government Related6 0,21
Mortgage 8,07
Credit 0,77
Bankers Acceptance 0,00
Other 3,70
Money Market Futures/Options 0,00
Swaps and Other Options 3,85
Derivative Offset 32,31
Net Unsettled Trades -16,92

Top 10 Country by Currency of Settlement (DWE%)

United States 27,45
Denmark 18,29
European Union 18,22
France 11,21
Germany 6,67
Luxembourg 4,67
Italy 3,60
Spain 3,28
Ireland 2,95
Netherlands 1,13

disclosures

3The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the portfolio returns.
4The information ratio is defined as the portfolio's excess return per unit of risk, or tracking error. For example, an information ratio of 1 means that a portfolio manager generates 100 basis points, or one percent of excess return for every 100 basis points of risk taken.
5Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
6May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
7Short duration emerging markets instruments includes an emerging market security or other instrument economically tied to an emerging market country by country of risk with an effective duration less than one year and rated investment grade or higher or if unrated, determined to be similar quality by PIMCO. Emerging Markets includes the value of short duration emerging markets instruments previously reported in another category.
8May include municipals, convertibles, preferreds, and yankee bonds.
9Net Other Short Duration Instruments includes securities and other instruments (except instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money, short duration derivatives (for example Eurodollar futures) and derivatives offsets. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade for inclusion in this category. Derivatives Offsets includes offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position which in certain instances may exceed the actual amount owed on such positions.
Duration Weighted Exposure (DWE%) is the percentage weight of each sector’s contribution to the overallduration of the fund

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Disclosures

This Website is operated and issued by PIMCO Europe Ltd, which is authorised and regulated in the conduct of its investment business by the Financial Conduct Authority (25 The North Colonnade, Canary Wharf, London E14 5HS) in the United Kingdom.
This Website is operated and issued by PIMCO Europe Ltd, which is authorised and regulated in the conduct of its investment business by the Financial Conduct Authority (25 The North Colonnade, Canary Wharf, London E14 5HS) in the United Kingdom.
For full details of the investment objective and investment policy of the fund described on this page, please refer to the prospectus and key investor information document for the fund available on the Fund Literature page of this website.

A rating is not a recommendation to buy, sell or hold a fund. Past performance is not an indicator of future results.

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.
When a fund concentrates its investments in Europe, it may be affected significantly by economic, regulatory or political developments affecting European issuers. All countries in Europe may be significantly affected by fiscal and monetary controls implemented by the European Economic and Monetary Union. Eastern European markets are relatively undeveloped and may be particularly sensitive to economic and political events affecting those countries. The Fund may also invest in non-euro denominated fixed income securities and currency positions. The Fund may invest in high-yield, lower-rated securities, which generally involves greater risk to principal than investment in higher-rated securities. 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.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund referenced in this material is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this material is made solely for risk or performance comparison purposes. This material may contain additional information, not explicit in the prospectus, on how the Fund or strategy is currently managed. Such information is current as at the date of the presentation and may be subject to change without notice.

RISK Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be suitable for all investors. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. 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. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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. 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. 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. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Swaps are a type of derivative; swaps are increasingly subject to central clearing and exchange-trading. Swaps that are not centrally cleared and exchange-traded may be less liquid than exchange-traded instruments. 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. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the U.S. government. Certain U.S. government securities are backed by the full faith of the 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.

The above narration contains the current opinions of the manager and such opinions are subject to change without notice. The above narration has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this presentation may be reproduced in any form, or referred to in any other publication, without express written permission.