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IE0032379574
PIMCO GIS Low Average Duration Fund

Fixed income
Investment grade
Short duration
US
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 in diverse portfolio of fixed income instruments with an average duration of one to three years, which may include forwards or derivatives.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Endowus has selected the PIMCO GIS Low Average Duration Fund for its diverse portfolio of more than 300 short-term fixed income securities that has delivered the strategy's objective of generating an excess return over T-bills (i.e. the Fund's benchmark, ICE BofAML 1-3 Year US Treasury Index), as well as reducing risk and providing protection against rising rates since its inception in 2002.

People

The Fund is led by two highly experienced co-PMs with an average experience of more than 25 years -- Scott Mather (CIO of US Core Strategies) and Jerome Schneider (Head of Short-Term Strategies) who leverage on PIMCO's signature investment process of combining top-down macro views and bottom-up security selection for portfolio construction. PIMCO's Investment Committee, comprising senior investment professionals specialising in each sector, designs a model portfolio reflecting the various macro views, which the US Short-Term team will incorporate in constructing the portfolio as a baseline. The PMs will then align further with PIMCO's house view on structural opportunities, such as duration, convexity, sector, yield curve, and credit risk.

Performance

The Fund has demonstrated top-tier returns over the longer term compared to its peers in the USD Short-Term Fixed Income space -- although returns were sometimes offset by the strategy's macro positioning that detracted. Overall, the Fund has demonstrated relatively attractive returns combined with a good drawdown control that only brought the Fund down by 1.5% in March 2020, and a historically superior volatility supported by a portfolio that values safety through its large allocations into high-quality government bonds.

Process

The Fund primarily invests in USD-denominated securities issued by US and non-US public and private-sector entities, with opportunistic allocations into EM issuers (both hard and local currency instruments), HY securities, as well as derivatives such as credit default swaps to enhance returns where deemed appropriate by the team. The team also benefits from the wide coverage of credit research done by more than 70 credit analysts on PIMCO's global research platform to ensure that the securities chosen are from issuers with solid fundamentals and are trading at favourable valuations. Ultimately the final portfolio allocation, as well as buy/sell decisions, are decided by the three PMs, and the resulting portfolio typically consists of more than 300 high-quality and low-duration securities.

Cost

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

How it fits in a portfolio

Investors may wish to consider utilising this Fund if they wish to be exposed to a core fixed income portfolio that is safer than conventional fixed income portfolios, although keeping in mind that low risk may come with relatively lower returns during periods when taking up credit risk is rewarded.

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

80.36%

YTD

0.22%

1 month

0.22%

6 month

2.83%

1 year

5.39%

3 year

15.43%

5 year

9.92%

10 year

22.84%

As of Jan 2026

Distributions

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

Yield

3.97%As of Sep 2025

Risk metrics

Max drawdown

-7.01%As of Jan 2026

Volatility

2.17%As of Jan 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.2%	-	-	-	-	-	-	-	-	-	-	-
2025	5.7%	0.5%	0.8%	0.5%	0.7%	-0.2%	0.8%	-0.1%	1.0%	0.3%	0.3%	0.4%	0.6%
2024	4.8%	0.4%	-0.4%	0.4%	-0.3%	0.8%	0.6%	1.2%	0.8%	0.9%	-0.6%	0.5%	0.4%
2023	5.0%	1.0%	-0.8%	1.2%	0.3%	-0.4%	-0.4%	0.7%	0.4%	0.0%	0.3%	1.3%	1.4%
2022	-4.8%	-0.7%	-0.7%	-1.5%	-0.8%	0.3%	-0.7%	0.4%	-0.6%	-1.5%	-0.5%	0.9%	0.5%
Load more		5 of 25

Top Exposures

Holdings

Regions

Sectors

RFR USD SOFR/3.00000 03/19/25-2Y CME Receive (2027-03-19 Maturity)	28.22%
2 Year Treasury Note Future Dec 25 (2026-01-01 Maturity)	14.05%
United States Treasury Notes 4.875% (2026-05-31 Maturity)	10.75%
5 Year Treasury Note Future Dec 25 (2026-01-01 Maturity)	9.76%
Federal National Mortgage Association 6% (2055-11-13 Maturity)	5.13%
Federal National Mortgage Association 5% (2055-11-13 Maturity)	3.03%
RFR USD SOFR/3.25000 06/18/25-2Y CME Receive (2027-06-18 Maturity)	2.89%
PIMCO USD Short Mat ETF (2025-12-01 Maturity)	2.72%
PIMCO GIS US S/T Z USD Inc (2027-04-01 Maturity)	2.17%
Federal National Mortgage Association 5% (2054-07-01 Maturity)	2.08%
United States Treasury Notes 4.375% (2026-08-15 Maturity)	1.97%
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD 5.55603% (2055-08-25 Maturity)	1.36%
United States Treasury Notes 4.25% (2026-11-30 Maturity)	1.30%
RFR GBP SONIO/3.75000 09/17/25-5Y LCH Receive (2030-09-17 Maturity)	1.21%
United States Treasury Notes 3.75% (2026-08-31 Maturity)	1.08%

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

0.46% p.a.

Fund facts

ISIN

IE0032379574

Fund house

PIMCO

Fund size

US$576.4M

As of 31 Dec 2025

Fund inception date

05 Dec 2002

Fund class currency

USD

Fund share class

Instl USD

Oldest share inception date

05 Dec 2002

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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Product Risk Rating Please note that any product risk rating (the “PRR”) provided by us is an internal rating assigned based on our product risk assessment model, and is for your reference only. The PRR is subject to change from time to time. The PRR does not take into account your individual circumstances, objectives or needs and should not be regarded as advice or recommendation to purchase, hold or sell any fund or make any other investment decisions. Accordingly, you should not solely rely on the PRR in making your investment decision in the relevant Fund.

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Disclaimer:

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IE0032379574PIMCO GIS Low Average Duration Fund

IE0032379574
PIMCO GIS Low Average Duration Fund