Unconstrained Bond Fund


Updated 15 June 2018


To seek maximum 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.


Fund Overview

Look beyond traditional benchmarks

PIMCO Unconstrained 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.


Bloomberg AusBond Bank Bills Index


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.











Marc P. Seidner

CIO Non-traditional Strategies

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Mohsen Fahmi

Portfolio Manager, Global Fixed Income

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Daniel J. Ivascyn

Group Chief Investment Officer

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Yields & Distributions

Historical Prices & Distributions

Latest Dividend Distribution ($ Share)1 as of 29/03/2018 $0.00312
Dividend Distribution (FYTD) as of 29/03/2018 $0.01615
Yields & Distributions Footnotes & Disclosures


1Distribution is paid quarterly in March, June, September and December.

Fees & Expenses

Total Annual Management Costs %2 0.85%
Fees & Expenses Footnotes & Disclosures


2Management costs 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).


  • Average Annual Returns
  • Cumulative Returns

All data as of

  • Month End
  • Quarter End

All data as of

  • Month End
  • Quarter End
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

  • Morningstar Ratings
  • Lipper Rankings
Performance Footnotes & 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 2.61
Emerging Markets 0.19
Australia/NZ 0.09
Europe - Non-EMU 0.00
Other 0.00
Europe - EMU -0.29
United Kingdom -0.31
Japan -0.51

Credit Quality Exposure -
Market Value %

AAA 51.53
AA 5.17
A 12.36
BBB 9.15
Sub Investment Grade 21.79

Sector Allocation - Duration in Years

Government -0.38
Semi-Gov 0.03
Agency 0.01
IG Corporates 0.50
High Yield 0.08
Securitised 1.42
Emerging Markets 0.43
Cash Equiv & Other -0.32

Duration %

0-1 yrs -0.40
1-3 yrs 0.26
3-5 yrs 2.27
5-7 yrs 1.52
7-8 yrs -0.05
8-10 yrs -0.99
10+ yrs -0.83
Effective Duration (yrs) 1.77

Currency Exposure %

Australia/NZ 99.49
Emerging Markets 3.58
Europe - EMU -2.49
Other -1.57
North America 1.52
Japan -0.63
United Kingdom 0.12
Europe - Non-EMU -0.01

Risk Characteristics
(Trailing 3 Years)

Standard Deviation3 2.98
Sharpe Ratio4 0.97
Information Ratio5 0.51
Tracking Error6 3.02
Portfolio Composition Footnotes & 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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