PIMCO Global Real Return Fund E Acc USD

PIMCO 環球實質回報基金 E類 Acc 美元

IE00B11XZ657

Risk Rating: Level 3

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating three (3) or four (4), these are mainly aimed at providing income and capital appreciation to investors by investing primarily in balanced portfolio, including high yield bonds and global equities etc. For more details, please refer to the Due Diligence section under the Procedures page.

Non-dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.39%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-11-27

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-0.92%
3 mth
-3.05%
6 mth
+2.65%
1 yr
+7.55%
3 yr
+10.31%
5 yr
+16.83%

Analytical Figures (3 years)

Annualized Return
+3.32%
Annualized Volatility
+4.35%
Sharpe Ratio
+0.27

Fund Information

Fund Houses
PIMCO Asia Limited
Launch Date
2004-05-20
Fund Manager
Mihir P. Worah
Jeremie Banet
Althof Michael
Manager Start Date
2007-10-31
2007-10-31
2015-06-30
Geographical Focus
Global
Asset Class/ Sector
Fixed Income - Investment grade
Risk Rating
Risk Level 3

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating three (3) or four (4), these are mainly aimed at providing income and capital appreciation to investors by investing primarily in balanced portfolio, including high yield bonds and global equities etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of 2019-10-30)
USD 1,958,185,437.15
Management Fee
1.39%
Latest Dividend
N.A.

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.39%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-11-27

Dividend Records

No Dividends

Investment Objective

The Fund’s objective is to maximise real return consistent with preservation of real capital and prudent investment management (i.e. identifying and implementing strategies for consistent, disciplined and cost-effective investment, based on considerable research and measured forethought, and continual monitoring of individual security and total portfolio risk).

Nature and Extent of Risks

1. Investment risk
The Fund’s investment portfolio may fall in value and therefore your investment in the Fund may suffer losses. There is no guarantee of the repayment of principal.
2. Risks associated with investing in inflation-indexed bonds
The value of inflation-indexed bonds is expected to change in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation.
If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in the value of inflation-indexed bonds and a corresponding decline in the Fund’s portfolio.
If the inflation-indexed bonds in which the Fund invests do not guarantee the repayment of the original bond principal upon maturity (as adjusted for inflation), the adjusted principal value of the bond repaid at maturity may be less than the original principal. This may adversely affect the value of the Fund.
3. Interest rate risk
The value of fixed income securities tends to decrease when interest rates rise, which may cause a decrease in value of the Fund.
Fixed income securities with longer durations are more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.
4. Credit risk
The Fund may suffer losses if the issuer of a fixed income security in which it invests is unable or unwilling to make timely principal and/or interest payments, or to otherwise honour its obligations.
5. Downgrade risk
The Fund may hold securities that may be impacted by a downgraded credit rating. In the event of downgrading of the securities, the Fund’s investment value in such securities may be adversely affected. The manager may or may not be able to dispose of the debt instruments that are being downgraded.
6. Currency risk
The Fund’s investment in non-USD denominated fixed income securities and currency positions may cause the value of the Fund’s investments to fluctuate with changes in exchange rates. This may lead to a fall in the Fund’s NAV.
Active currency positions implemented directly or indirectly by the Fund may not be correlated with the underlying securities held by the Fund. As a result, the Fund may suffer significant losses even if there is no loss to the value of the underlying securities held by the Fund.
7. Emerging markets risk
Investing in emerging markets securities imposes risks different from, or greater than, risks of investing in developed countries due to, among other factors, greater price volatility, market, credit, legal, taxation, custody, liquidity, currency, political, economic and regulatory risks.
The systems and procedures for trading and settlement of securities in emerging markets are less developed and less transparent and transactions may take longer to settle. In addition, foreign exchange controls in emerging market countries may cause difficulties in the repatriation of funds from such countries.
Because the Fund’s investments are concentrated in emerging markets, the Fund is likely to be subject to greater volatility than portfolios which comprise broad-based global investments. During times of market uncertainty, such investments may negatively affect the Fund’s performance.
8. Derivatives risk
Risks associated with financial derivative instruments (“FDI”) include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Fund. Exposure to FDI may lead to a high risk of significant loss by the Fund.
Although the leverage figure of the Fund calculated using the commitment approach will typically not materially exceed 100% of the NAV of the Fund, in exceptional rcumstances the Fund may have a leveraged exposure of over 100% of the NAV of the Fund when using this calculation methodology. This will further magnify any potential negative impact
of any change in the value of the underlying asset on the Fund and also increase the volatility of the Fund’s price and may lead to significant losses. Given the leverage effect embedded in derivatives, in the worst case scenario, investing in derivatives may result in total or substantial loss from the use of derivatives.
9. Risks relating to reverse repurchase agreements
In the event of the failure of the counterparty with which collateral has been placed, the fund may suffer loss as there may be delays in recovering collateral placed out or the cash originally received may be less than the collateral placed with the counterparty due to market movements.
10. Risks relating to repurchase agreements
In the event of the failure of the counterparty with which cash has been placed, the Fund may suffer loss as there may be delay in recovering cash placed out or difficulty in realising collateral or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to market movements.
11. Sovereign debt risk
The Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the fund to participate in restructuring such debts. The Fund may suffer significant
losses when there is a default of sovereign debt issuers.
12. High yield, below investment grade and unrated securities risk
The Fund may invest in high yield, below investment grade securities and unrated securities of similar credit quality
These securities typically entail greater potential price volatility and may be less liquid than higher-rated securities.
Investments in such securities may also be subject to greater credit risk. If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment.
13. Liquidity risk
Liquidity risk exists when particular investments are difficult to purchase or sell. Also, illiquid securities may become harder to value especially in changing markets.
 The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price which could prevent the Fund from taking advantage of other investment opportunities.
14. Global Investment risk
The Fund invests in securities of certain international jurisdictions and may experience more rapid and extreme changes in value.
Events such as nationalisation, expropriation or confiscatory taxation, currency blockage, economic uncertainty, political changes or diplomatic developments could adversely affect the Fund’s investments.
To the extent that a Fund invests a significant portion of its assets in a concentrated geographic area like Europe or Asia, the Fund will generally have more exposure to regional economic risks associated with investments.
In the event that a Fund invests in a regional currency (i) which ceases to exist or (ii) in which a participant in such currency ceases to be a participant in such currency, it is likely that this would have an adverse impact on the Fund’s liquidity.
15. Risks relating to the charging of fees / payment of dividends out of capital
For the Income II Shares (which seeks to provide an enhanced yield to shareholders), the Fund may, at its discretion, charge fees to capital (which constitutes a payment of dividends effectively out of capital) as well as pay dividends out of capital. The Fund may also take into account the yield differential (which can be positive or negative) arising from share class currency hedging (which constitutes a distribution from capital). This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to the original investment.
Any distributions involving the payment of dividends out of capital, charging of fees to the capital of the Fund and inclusion of yield differentials effectively amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the NAV per share.

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