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Fund Fact Sheet Quarterly Investment Report Product Disclosure Statement (AU)

Dynamic Bond Fund

ETL0406AU

Updated 17 April 2024

Fund Fact Sheet Quarterly Investment Report Product Disclosure Statement (AU)

Objective

To seek to maximise long-term returns in a manner consistent with the preservation of capital and prudent investment management.

Investments Held

Predominantly invests indirectly (via other funds) in fixed interest securities issued by governments or their agencies and corporates.

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Overview

Fund Overview

Look beyond traditional benchmarks

Dynamic Bond Fund takes a flexible approach to capturing global opportunities and managing risk. It strives to actively mitigate downside risk, provide attractive risk-adjusted returns and preserve the diversification benefits of a traditional fixed income portfolio.

Why Invest In This Fund

Tactically allocated across a global opportunity set

By removing benchmark constraints, the Fund gains significant latitude to tap into credit, interest rate, volatility and currency opportunities across global sectors and regions.

Absolute return focus

The Fund’s defensive capabilities and wide duration range (-3 to +8 years) help it to achieve positive returns across a wide range of market environments, including varied interest rate environments

A unique portfolio complement

The Fund seeks to provide many of the benefits associated with core bond funds – such as capital preservation, liquidity and diversification – while achieving positive absolute returns over full market cycles. The Fund is primarily designed to be a complement to core bond funds.

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.

Our Expertise

A team poised to pick best ideas from across the globe

The Fund harnesses the work of a unique team specifically placed to pick the best ideas that PIMCO has to offer from across the global bond universe.

PRIMARY BENCHMARK

Bloomberg AusBond Bank Bills Index

PRIMARY BENCHMARK DESCRIPTION

The Bloomberg AusBond Bank Bills Index is an unmanaged index representative of the total return performance of Australian money market securities. It is not possible to invest in an unmanaged index.

DISTRIBUTION FREQUENCY

Quarterly

SHARE CLASS INCEPTION

23/04/2014

APIR Code

ETL0406AU

Currency

AUD

RELATED

Flexible Duration:
Helping Investors Navigate Rising Rates

How to Invest

View Now

Managers

Marc P. Seidner

CIO Non-traditional Strategies

View Profile for Marc P. Seidner

Mohit Mittal

CIO Core Strategies

View Profile for Mohit Mittal

Daniel J. Ivascyn

Group Chief Investment Officer

View Profile for Daniel J. Ivascyn

Yields & Distributions

Historical Prices & Distributions

Latest Dividend Distribution ($ Share)1 as of 28/03/2024 $0.00428
Dividend Distribution (FYTD) as of 28/03/2024 $0.01263

disclosures

1The Fund generally distributes income quarterly at the end of March, June, September and December.

Fees & Expenses

Total Annual Management Fee %2 0.85%

disclosures

2Management fees quoted are inclusive of Goods and Services Tax (GST) and net of any Reduced Input Tax Credits (RITC) at the prescribed rate, which is currently either 55% or 75% (depending on the nature of the fee or expense).
In addition to the Management Fee there may be other fees and costs associated with an investment in this fund. For a detailed explanation on fees and costs please refer to the Product Disclosure Statement

Performance

All data as of

All data as of

Click here to view the Price and Performance for all Australia

Past performance is not a reliable indicator of future results. Fund performance is quoted net of fees and expenses and assumes the reinvestment of all distributions but does not take into account personal income tax.

Fiscal Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar and Lipper

disclosures

Performance figures presented reflect the total return performance after fees and reflect changes in share price and reinvestment of dividend and capital gain distributions on the payable date. All periods longer than one year are annualized.
Monthly YTD return is from the most recent calendar year end.
Growth of $10,000 is calculated at NAV and assumes that all distributions were reinvested. It does not take into account fees or the effect of taxes. Results are not indicative of future performance.

Portfolio Composition

All data as of unless otherwise stated

Region - Duration in Years

North America 1.36
Australia/NZ 0.49
Emerging Markets 0.07
Europe - EMU 0.00
Europe - Non-EMU 0.00
Other -0.01
United Kingdom -0.02
Japan -0.23

Credit Quality Exposure -
Market Value %

AAA 64.52
AA 10.62
A 5.86
BBB 7.97
Sub Investment Grade 11.03

Sector Allocation - Duration in Years

Government -2.21
Semi-Gov 0.01
Agency 0.00
IG Corporates 0.59
High Yield 0.09
Securitized 2.96
Emerging Markets 0.19
Cash Equiv & Other 0.04

Duration %

0-1 yrs 0.04
1-3 yrs 0.52
3-5 yrs 1.04
5-7 yrs 1.51
7-8 yrs -1.01
8-10 yrs 0.43
10+ yrs -0.86
Effective Duration (yrs) 1.67

Currency Exposure %

Australia/NZ 100.43
Emerging Markets 5.50
Other -2.95
North America -1.82
Europe - Non-EMU -0.97
Europe - EMU -0.76
Japan 0.52
United Kingdom 0.05

Risk Characteristics
(Trailing 3 Years)

Standard Deviation3 3.92
Sharpe Ratio4 -0.98
Information Ratio5 -0.80
Tracking Error6 3.78

disclosures

3Standard deviation is a statistical measure of dispersion about an average which, for a mutual fund, depicts how widely the returns varied over a certain period of time. The greater the dispersion, the greater the risk.
4The 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.
5Information ratio is a ratio of portfolio returns above the returns of a benchmark to the volatility of those returns.
6Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
Portfolio information in the charts is based on the fund's net assets. These percentages may differ from those used for the fund's compliance calculations, including the fund's prospectus, regulatory, and other investment limitations and policies, which may be based on total assets of the fund or other measurements, may include or exclude various categories of investments from those covered in the portfolio allocation categories shown in this report, and may be based on different classifications and measurements of the fund’s investments and other criteria.
References to specific sectors, securities or issuers are for illustrative purposes only. All holdings are subject to change daily. All share classes have the same portfolio but different expenses.

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Disclosures

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. Before making an investment decision investors should consider whether the information contained herein is appropriate in light of their particular investment needs, objectives and financial circumstances and any relevant offer document. Investors should obtain relevant and specific professional advice before making any investment decision. The information contained herein does not take into account the investment objectives, financial situation or needs of any particular investor.
A word about risk:

Absolute return portfolios may not fully participate in strong positive market rallies. 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. 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. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. 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. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. 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. Diversification does not ensure against loss.

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