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IE00B1BXJ858
PIMCO GIS Commodity Real Return Fund

Multi-asset
Commodities
Global
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks maximum total return consistent with prudent investment management. The PIMCO GIS Commodity Real Return Fund is an actively managed commodities strategy that seeks to track and outperform the return of the Bloomberg Commodity Index.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Unconventional, direct exposure to commodities through the use of commodity-linked derivatives. Provides an extra return potential from an actively managed portfolio of global inflation-linked bonds collateral. Commodities are a useful hedge against rising inflation and provide diversification benefits to a traditional equity and fixed income portfolio.

People

Led by a group of experienced and senior portfolio managers from both PIMCO's Commodity Team and Inflation-Linked Bonds Team, with an average investment experience of more than 20 years. Benefits from the expertise of PIMCO, which is one of the largest and longest-tenured commodity managers in the world, having been incepted in 2000 and managing billions of assets. The Commodity Team has seven dedicated portfolio managers. Portfolio oversight is provided by PIMCO's Group CIO, while the firm also has a robust counterparty risk management system in place.

Performance

Good risk-adjusted returns since inception compared to benchmark and peers, outperforming especially in years where commodity prices were in favour. Conversely, may display lower returns and higher volatility during years when commodity prices fluctuate or are low.

Process

Seeks to track and outperform the Bloomberg Commodity Index, by actively allocating into the best alpha opportunities across asset classes such as petroleum, natural gas, grains, softs (e.g. sugar, coffee), livestock, and metals (both industrial and precious) via derivatives. "Double Alpha" approach to actively manage both the commodities futures exposure and the underlying collateral, which is primarily invested into global short-term inflation-linked bonds. Utilises a range of active commodity strategies and incorporates both PIMCO's macroeconomic and fundamental views such as the bottom-up analysis of supply/demand balances in individual commodities. In doing so, the team seeks to to avoid inefficiencies of passive commodity indexing and take advantage of pricing dislocations within the commodities markets.

Cost

Access to the Institutional share class to achieve the lowest possible fees.

How it fits in a portfolio

The Fund would appeal to investors who desire an effective, liquid and straightforward direct exposure to commodities managed by a reputable global fund house. In addition, investors looking to hedge against rising inflation or are looking to diversify their portfolios beyond the traditional equity and fixed income asset classes can consider an investment in the Fund. At the same time, investors should be aware that the commodity asset class is inherently volatile and can be prone to sharp drawdowns. Therefore, investors should be mindful of the risks involved when considering an allocation to the Fund.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

22.06%

YTD

9.83%

1 month

9.83%

6 month

21.57%

1 year

24.48%

3 year

24.09%

5 year

74.96%

10 year

113.01%

As of Jan 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-66.85%As of Jan 2026

Volatility

17.27%As of Jan 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	9.8%	-	-	-	-	-	-	-	-	-	-	-
2025	17.7%	3.9%	1.4%	4.4%	-4.9%	-1.1%	3.2%	-0.3%	3.2%	2.0%	3.1%	2.6%	-0.5%
2024	3.8%	0.7%	-2.0%	3.8%	1.5%	1.7%	-1.4%	-3.1%	-0.2%	4.9%	-2.6%	0.4%	0.3%
2023	-7.8%	-0.2%	-5.2%	0.9%	-0.9%	-6.7%	3.2%	6.7%	-0.9%	-1.1%	-0.1%	-1.2%	-2.0%
2022	10.8%	8.2%	6.9%	8.5%	4.2%	1.6%	-13.0%	6.7%	-1.6%	-12.1%	3.3%	3.2%	-2.6%
Load more		5 of 21

Top Exposures

Holdings

Regions

Sectors

EUROPEAN MONETARY UNION EURO Purchased (2025-11-04 Maturity)	11.21%
BRITISH POUND STERLING Purchased (2025-11-04 Maturity)	9.18%
Cash Offset	8.48%
Federal National Mortgage Association 4.5% (2055-11-13 Maturity)	6.49%
United States Treasury Notes 0.375% (2027-07-15 Maturity)	6.47%
Ultra US Treasury Bond Future Dec 25 (2025-12-20 Maturity)	6.40%
United States Treasury Notes 0.5% (2028-01-15 Maturity)	6.38%
United States Treasury Notes 0.375% (2027-01-15 Maturity)	6.15%
United States Treasury Notes 1.625% (2027-10-15 Maturity)	5.88%
JAPANESE YEN Purchased (2025-11-04 Maturity)	5.77%
RFR GBP SONIO/3.75000 09/17/25-5Y LCH Receive (2030-09-17 Maturity)	5.55%
IRS EUR 3.00000 09/18/24-2Y LCH Receive (2026-09-18 Maturity)	5.36%
IRS EUR 2.75000 03/18/26-10Y LCH Receive (2036-03-18 Maturity)	4.89%
United States Treasury Notes 2.125% (2029-04-15 Maturity)	4.89%
United States Treasury Notes 0.875% (2029-01-15 Maturity)	4.85%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

0.74% p.a.

Fund facts

ISIN

IE00B1BXJ858

Fund house

PIMCO

Fund size

US$963.7M

As of 30 Jan 2026

Fund inception date

31 Aug 2006

Fund class currency

USD

Fund share class

Instl USD Acc

Oldest share inception date

31 Aug 2006

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

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IE00B1BXJ858PIMCO GIS Commodity Real Return Fund

IE00B1BXJ858
PIMCO GIS Commodity Real Return Fund