PIMCO Floating Income InstlPFIIX

Morningstar Rating

Fund Research and Analysis

by Eric Jacobson

Use caution when evaluating PIMCO Floating Income's record.

The fund has a deceptively simple goal: Ply the global credit arena via debt from the high-yield, investment-grade, and emerging-markets in the service of income delivery, while focusing on or replicating floating-rate structures to minimize sensitivity to interest-rate volatility. Read more

Kudos

Advisor PIMCO is among the best in the business at running complex strategies like the one this fund employs.

The fund's strategy allows shareholders to invest in pure credit exposure while nearly eliminating interest-rate risk, making it a useful diversifier for some bond portfolios. Read more

Risks

The fund takes on significant credit risk.

Its retail share classes are pricey. Read more

Strategy

This fund uses the three-month London Interbank Offered Rate as its official benchmark but measures its performance against a blended custom index of emerging-markets, U.S. high yield, and global credit exposure. Read more

Management

Curtis Mewbourne is a managing director at PIMCO and the chairman of the firm's Shadow Investment Committee. He is a credit specialist and manages both Total Return and Credit portfolios. He joined PIMCO in 1999, having spent the previous seven years trading fixed-income securities at Salomon Brothers and Lehman Brothers. Read more

Inside Scoop

The goal of this fund is to generate high returns by investing in credit-sensitive securities that boast virtually no interest-rate risk. Read more

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