PIMCO Developing Local Markets IPLMIX

PIMCO Developing Local Markets has gone through a modest change, and it also has struggled a bit recently.

PIMCO's emerging-markets team saw reshuffled duties, although the change shouldn't affect this fund much. In April 2009 fund manager Michael Gomez, who also ran sibling offering PIMCO Emerging Markets Bond PEMDX, an Analyst Pick, stepped down from that latter change and was reassigned to the firm's Munich, Germany office.  Read more 

Management focuses on countries that have sound macroeconomic policies, which lead to low-inflation rates and strong currencies. The fund buys local-currency debt in such countries, primarily through derivatives such as currency futures backed by cash.  Read more 

Michael Gomez has led this fund since its mid-2005 inception. Before joining PIMCO in 2003, Gomez traded emerging-markets bonds for Goldman Sachs, and prior to that, he advised the Columbian government's department of public credit. Gomez has tremendous resources at his disposal, including two comanagers in Munich, Germany, one in Singapore, and four in PIMCO's California office.  Read more 

This is the lone local-currency-only choice in this category.  Read more