PIMCO All Asset All Authority InstPAUIX

Morningstar Rating

Fund Research and Analysis

by Lawrence Jones

PIMCO All Asset All Authority holds impressive tools and few constraints.

Manager Rob Arnott, of subadvisor Research Affiliates, runs this unique offering in addition to managing its PIMCO All Asset PASDX sibling. Both funds use a similar approach: Arnott uses quantitative models to manage tactical asset allocation between various asset classes, accessing them via dozens of other PIMCO funds. Read more

Kudos

Focused on absolute returns.

Offers exposure to alternative asset classes and more exotic strategies.

Performance has been promising.

Manager holds more than $1 million in the fund, a good sign of confidence in his own process. Read more

Risks

The fund's A, B, C, and D shares are pricey.

The fund could stumble if some of PIMCO's firmwide investment views, which are expressed in multiple funds, go awry.

The fund's use of leverage and shorting strategies can add an additional layer of risk. Read more

Strategy

This fund of funds invests in a range of PIMCO funds to execute its active-allocation strategy. Its goal is to beat the S&P 500 Index; and it also seeks to best the CPI--a common measure of inflation--by at least 6. Read more

Management

PIMCO commissioned Robert Arnott of subadvisor Research Affiliates, LLC to manage the tactical asset allocation of both the All Asset and All Asset All Authority funds. Author of several financial articles and former editor-in-chief of the Financial Analysts Journal, Arnott shares PIMCO Total Return PTTDX manager Bill Gross' view that stocks and bonds alone are not capable of providing strong real returns. Read more

Inside Scoop

This fund looks different from most anything else in the field. It focuses on absolute returns and actively moves among a range of alternative investments, such as TIPS, commodities, and real estate, by shifting in and out of other PIMCO funds. Read more

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