Important risk disclosure

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IE0002420739

PIMCO GIS Global High Yield Bond Fund(IE0002420739)

Fixed income
High yield
Corporate bond
Global
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks to maximise total return by investing at least two-thirds of its total net assets in a diversified portfolio of high-yield fixed income instruments denominated in major world currencies and are rated lower than Baa by Moody's or BBB by...

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Offers exposure to globally diversified high-yield bonds, with a primary focus on the middle and upper quality tiers of the U.S. and European markets. Adopts a total return approach aiming to generate value through a combination of consistent income and capital appreciation.

People

Managed by PIMCO, leveraging the firm's scale and expertise as a leading global fixed income manager with over US$2 trillion in assets under management. The strategy is led by Portfolio Managers David Forgash, Sonali Pier, and Charles Watford, who possess over 70 years of collective investment experience. The leadership team is supported by PIMCO's extensive global platform of credit research analysts and independent risk management professionals.

Performance

Has historically outperformed most peers and the benchmark over a full market cycle. Structurally designed to offer resilience in difficult market conditions due to a higher quality bias, though it may lag peers holding more speculative securities during aggressive credit rallies. Absolute returns are generally supported by stable to declining yield environments, while periods of rising yields typically present a challenging backdrop.

Process

Security selection is driven by rigorous, bottom-up fundamental credit research focused on companies within industries identified as attractive. Emphasizes a long-term investment horizon, prioritizing strategic valuation decisions and the liquidity of underlying collateral.

Cost

Access to institutional share class with no trailer fees to achieve the lowest possible fees.

How it fits in a portfolio

It provides a dedicated building block for investors seeking diversified exposure to developed market high-yield bonds. The fund serves as a yield-enhancing component within a portfolio, focusing on the higher-quality segments of the high-yield universe. Investors should be aware of the inherent credit risks involved and ensure the position is appropriately diversified across other asset classes.

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

196.83%

YTD

-1.06%

1 month

-1.69%

6 month

0.69%

1 year

6.00%

3 year

25.70%

5 year

20.71%

10 year

67.58%

As of Mar 2026

Distributions

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

Yield

6.68%As of Dec 2025

Risk metrics

Max drawdown

-25.97%As of Mar 2026

Volatility

8.02%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.4%	0.3%	-1.7%	-	-	-	-	-	-	-	-	-
2025	8.1%	1.1%	0.8%	-0.9%	-0.0%	1.5%	1.0%	0.9%	0.9%	0.8%	0.4%	0.6%	0.7%
2024	7.6%	0.3%	0.2%	0.9%	-0.7%	1.2%	0.9%	1.6%	1.4%	1.1%	-0.4%	0.9%	0.0%
2023	13.0%	3.4%	-1.1%	1.2%	0.5%	-0.6%	1.2%	1.3%	0.3%	-0.8%	-0.8%	4.4%	3.5%
2022	-10.3%	-2.8%	-1.4%	-0.5%	-3.9%	0.2%	-7.1%	6.4%	-2.3%	-4.0%	3.1%	2.8%	-0.6%
Load more		5 of 21

Top Exposures

Holdings

Regions

Sectors

CDX HY45 5Y ICE (2030-12-20 Maturity)	6.94%
5 Year Treasury Note Future Mar 26 (2026-04-01 Maturity)	4.30%
10 Year Treasury Note Future Mar 26 (2026-03-21 Maturity)	3.72%
2 Year Treasury Note Future Mar 26 (2026-04-01 Maturity)	3.37%
Euro Schatz Future Mar 26 (2026-03-07 Maturity)	2.60%
PIMCO GIS European HY Bd Z EUR Acc (2029-12-01 Maturity)	2.51%
IRS EUR 2.50000 03/18/26-5Y LCH Receive (2031-03-18 Maturity)	2.32%
PIMCO US Dollar S/T Fl NAV Z USD Inc (2026-01-31 Maturity)	1.80%
CDX ITRAXX XOV44 5Y ICE (2030-12-20 Maturity)	1.53%
CASH COLLATERAL ICE MSC USD (2060-12-31 Maturity)	0.74%
Loarre Investments S.a r.l. 6.5% (2029-05-15 Maturity)	0.64%
VZ Secured Financing BV 7.5% (2033-01-15 Maturity)	0.63%
Medline Borrower LP 3.875% (2029-04-01 Maturity)	0.62%
Virgin Media Secured Finance PLC 4.25% (2030-01-15 Maturity)	0.61%
VMED O2 UK Financing I PLC 5.625% (2032-04-15 Maturity)	0.60%

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

0.55% p.a.

Fund facts

ISIN

IE0002420739

Fund house

PIMCO

Fund size

US$2.7B

As of 31 Mar 2026

Fund inception date

30 Jun 2005

Fund class currency

USD

Oldest share inception date

30 Jun 2005

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.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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