IE0033591748

PIMCO GIS Global Real Return Fund USD-Hedged

  • Fixed income
  • Inflation linked
  • Global
  • USD Cash
  • Accumulating
Invest with
USD Cash
Payout type
Accumulating
Risk rating
2
About this fund
Description
The Fund seeks to maximise real return by investing at least two-thirds of its assets in a diversified portfolio of inflation-indexed fixed income instruments of varying maturities issued by governments, their agencies or instrumentalities and corpor...
Key information
Annual report
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Product Highlight Sheet
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Prospectus
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Information Memorandum
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Our perspective
Why we think this fund is best-in-class
Product
Invests in a globally diversified portfolio of inflation-linked bonds issued by governments, agencies, and corporations to generate "real returns" (total return exceeding inflation). Aims to preserve purchasing power by adjusting the principal or interest payments of holdings to track official inflation measures. The fund is actively managed relative to the Bloomberg World Government Inflation-Linked Bond Index, with the flexibility to invest up to one-third of assets in off-benchmark sectors to enhance returns.
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People
Managed by a senior team including Lorenzo Pagani, Steve Rodosky, and Daniel He. Lorenzo Pagani, Managing Director, is ultimately responsible for all the buys and sells within the Fund. Pagani oversees ex-US inflation-linked strategies, while Rodosky, who previously led the firm's US Treasury trading desk, guides US positioning. The portfolio managers are supported by PIMCO's extensive global resources, including specialized credit research analysts and a deep bench of fixed income experts.
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Performance
Seeks to deliver consistent outperformance against the benchmark and peers over the medium to long term by identifying multiple sources of value. Historically has demonstrated strong risk-adjusted returns, benefiting from the ability to allocate across diverse global markets and sectors beyond the core index. Performance is driven by a combination of structural inflation protection and active alpha generation from security selection.
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Process
Employs PIMCO's proven total return philosophy, integrating top-down macroeconomic analysis with rigorous bottom-up security selection. Top-down strategies assess global economic forces to guide asset allocation, while bottom-up research identifies undervalued securities and credit opportunities. Constructs a diversified portfolio across global inflation-linked markets, while actively managing risks related to credit, currency (limited non-USD exposure), and duration.
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Cost
Access to institutional share class with no trailer fees to achieve the lowest possible fees.
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How it fits in a portfolio
Serves as a dedicated inflation hedge to protect the portfolio's real purchasing power against rising prices. However, it is still exposed to interest rate risk. Fits as a core diversifier within a fixed income allocation, offering exposure distinct from nominal government or corporate bonds.
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Compare funds
Performance
Shows the total return of this accumulating fund, which includes dividends reinvested.
Total returns
All Time
109.08%
YTD
1.86%
1 month
0.86%
6 month
1.65%
1 year
6.30%
3 year
13.09%
5 year
0.45%
10 year
33.28%
As of May 2026
Distributions
This is an accumulating fund, so dividends are re-invested at the fund level.
Yield
4.31%As of Mar 2026
Risk metrics
Max drawdown
-18.86%As of May 2026
Volatility
6.47%As of May 2026
Calendar returns
YearTotalJanFebMarAprMayJunJulAugSepOctNovDec
2026-0.9%1.9%-2.5%0.8%0.9%-------
20256.3%1.3%1.4%-0.3%0.0%-0.6%1.7%0.1%0.4%0.8%1.4%0.1%-0.2%
20240.4%-0.8%-0.3%1.3%-1.9%1.4%0.2%2.1%0.2%1.0%-1.8%1.0%-1.9%
20234.9%2.3%-1.8%3.0%-0.8%-1.8%0.8%0.2%-0.7%-2.4%-0.8%3.2%3.7%
2022-16.2%-2.1%0.1%-0.9%-2.8%-3.6%-3.8%5.1%-4.0%-6.6%0.9%3.0%-2.3%
Top Exposures
3 Month Euribor Future Sept26 (2026-09-15 Maturity)10.36%
5 Year Treasury Note Future June 26 (2026-07-01 Maturity)5.55%
RFR GBP SONIO/3.50000 09/16/26-5Y LCH Receive (2031-09-16 Maturity)5.35%
Federal National Mortgage Association 4.5% (2056-06-11 Maturity)2.87%
IRO EUR 1Y P 2.45000 L 03/03/28 CBK (2028-03-03 Maturity)2.83%
United States Treasury Notes 0.5% (2028-01-15 Maturity)2.71%
United States Treasury Notes 0.125% (2031-07-15 Maturity)2.37%
Euro Schatz Future June 26 (2026-06-09 Maturity)2.37%
United States Treasury Notes 1.625% (2029-10-15 Maturity)2.18%
Spain (Kingdom of) 3.45% (2034-10-31 Maturity)2.16%
INF SWAP EM NI 2.72 06/15/22-10Y LCH Receive (2032-06-15 Maturity)1.97%
France (Republic Of) 0.1% (2028-03-01 Maturity)1.81%
United States Treasury Notes 1.625% (2027-10-15 Maturity)1.71%
United Kingdom of Great Britain and Northern Ireland 1.25% (2032-11-22 Maturity)1.65%
IRS EUR 2.75000 09/16/26-10Y LCH Receive (2036-09-16 Maturity)1.63%
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
0.49% p.a.
Fund facts
ISIN
IE0033591748
Fund house
PIMCO
Fund size
US$2.1B
As of 30 Apr 2026
Fund inception date
30 Sep 2003
Fund class currency
USD
Fund share class
USD INST
Oldest share class ISIN
IE0033591748
Oldest share inception date
30 Sep 2003
Pricing frequency
Daily

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