PIMCO Total Return DPTTDX

Morningstar Rating

Fund Research and Analysis

by Eric Jacobson

PIMCO Total Return isn't the one-trick pony for which it's often mistaken.

As the fund ballooned to $192 billion in recent years, its diversification has often been questioned. The debate has been fueled by manager Bill Gross' multiyear distaste for corporate bonds until the sector cratered in 2008, a bias based on concern over valuations. Read more

Kudos

Great long-term record.

Manager Bill Gross and PIMCO's team are among the best in the business. Read more

Risks

Some retail share classes are too pricey for our taste.

Fund sometimes makes aggressive bets, which could result in more short-term volatility. Read more

Strategy

Manager Bill Gross couples PIMCO's long-term macroeconomic outlook with its take on short-term cyclical factors to determine this fund's sector weightings and duration (a measure of interest-rate sensitivity). Read more

Management

Bill Gross and PIMCO's extensive team of analysts and traders, who jointly received Morningstar's Fixed-Income Manager of the Year honors in 1998, 2000, and 2007, are widely acknowledged to be among the best in the business. Read more

Inside Scoop

This fund towers over most of its fixed-income competition. It has consistently outperformed its peers without taking excessive risks. Although its retail shares aren't cheap, those looking for a core bond fund won't find many more-appealing choices. Read more

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