6
Morningstar Analyst Rating
11-25-13
ˇ
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
§
¶
¶
Neutral
Negative
Neutral
Positive
Neutral
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
10.39
11.45
10.69
11.57
10.94
9.67
. . . . . .
Total Return %
-8.36
8.91
-1.72
11.75
19.26
. . . . . . .
+/-M* MdTgRk
-21.55
-3.13
-2.31
-0.58
-2.51
. . . . . . .
+/-Mstr Md Ag Rk
-26.79
-5.42
0.21
-3.17
-8.29
. . . . . . .
Income Return %
0.93
1.37
4.62
3.93
4.77
. . . . . . .
Capital Return %
-9.29
7.54
-6.34
7.82
14.49
. . . . . . .
Total Rtn % Rank Cat
95
62
49
38
58
. . . . . . .
Income $
0.11
0.15
0.52
0.42
0.46
0.32
. . . . . .
Capital Gains $
0.00
0.04
0.16
0.22
0.14
0.00
. . . . . .
Expense Ratio %
1.61
. . . . . . . . . . .
Income Ratio %
1.89
2.24
3.54
2.02
3.89
. . . . . . .
Turnover Rate %
223
94
38
71
136
. . . . . . .
Net Assets $mil
94
200
221
199
104
3
. . . . . .
Performance
11-30-13
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2009
2010
2011
2012
2013
-3.83 8.66 11.31 2.52 19.26
1.92 -4.75 10.49 4.18 11.75
3.71 0.83
-7.75 1.89 -1.72
5.43 -3.02
5.29 1.17
8.91
0.05 -8.48
-0.01
. .
Trailing
Total
+/- M* +/- Mstr
%Rank Growth of
Return% MdTgRk Md Ag Rk
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
1.65 -5.04
-6.97
88 10,165
-7.26 -13.65 -16.01
98 9,274
-6.64 -21.13 -27.07
95 9,336
0.61 -9.34 -11.38
90 10,184
6.46 -6.05
-8.55
85 13,675
. . . . .
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
-0.84
89
1.44
80
4.85
86
1.52
86
. . . .
Potential Capital Gain Exposure: -10% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
-6.64
3 Yr
0.61
-Avg
Avg
5 Yr
6.46
-Avg
Avg
10 Yr
. . . .
Incept
5.39
Other Measures
Standard Index
Best Fit Index
M* MdTgRk
Mstar Mod Inc
Alpha
-8.7
-10.5
Beta
0.99
1.64
R-Squared
75
84
Standard Deviation
9.58
Mean
0.61
Sharpe Ratio
0.10
Morningstar’s Take
by Michael Herbst 11-25-13
A manager change at PIMCO Global Multi-Asset
signals slight modifications.
Effective Nov. 30, 2013, PIMCO CEO and co-CIO
Mohamed El-Erian replaces Saumil Parikh as this
fund’s lead manager. El-Erian steps back into the lead
role alongside comanagers Curtis Mewbourne and
Vineer Bhansali in response to recent performance
challenges. The fund’s 5.0% loss over the trailing year
through Nov. 23 stems from management’s early 2013
decision to scale back the portfolio’s equity exposure in
favor of sovereign bonds. Its stakes in sovereign bonds
and emerging markets (equity and debt) took it on the
chin during the second quarter, while U.S. equities
continued to rally. Similarly, the fund’s defensive
positioning in early 2009 and early 2012 weighed on its
relative performance. The fund’s 3.6% annualized gain
since its October 2008 inception lags its 1-Month Libor
Plus 5% benchmark by 1.7 percentage points.
As before, PIMCO’s longer-term macroeconomic
outlook guides the fund’s asset allocation. El-Erian’s
team continues to build the portfolio with a mix of
underlying funds, individual securities, and derivatives,
with tail-risk hedges intended to protect the fund
against losses of greater than 15% in a rolling
12-month period.
The team is modifying how it mitigates risks or
attempts to cash in on market opportunities over
shorter-term (six- to 12-month) periods. In particular, it
intends to react more forcefully to market
disruptions--such as central bank policy decisions or
shifts in supply and demand for certain types of
securities--that may trump its longer-term outlook.
Despite management’s prowess in narrower slices of
the market, making those shorter-term moves, in an
admittedly vexing market environment, hasn’t worked
out as consistently as it would have hoped.
That conundrum, Parikh’s brief tenure, and the
potential for strategy or personnel adjustments drop
the fund’s People and Process pillar scores to Neutral
from Positive, and its Morningstar Analyst Rating to
Neutral from Bronze. It will take time to assess if
El-Erian’s return gives the fund a competitive edge.
Address:
PIMCO Investments LLC distributor
New York, NY 10019
888-877-4626
Web Address:
Inception:
10-29-08
Advisor:
Pacific Investment Management Co LLC
Subadvisor:
None
NTF Plans:
N/A
Minimum Purchase:
$1000
Add: $50 IRA: $0
Min Auto Inv Plan:
$0
Add:
.
Sales Fees:
No-load,
Management Fee:
0.90%, 0.40%A
Actual Fees:
Mgt:1.30% Dist:0.25%
Expense Projections:
3Yr:$514
5Yr:$887 10Yr:$1933
Income Distribution:
Quarterly
Data through November 30, 2013
PIMCO Global Multi-Asset D
Ticker
Status Yield Total Assets
Mstar Category
PGMDX Open
2.3% $2,664 mil
Tactical Allocation
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 11-13
Historical Profile
Return
Risk
Rating
Below Avg
Average
Below Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
M* MdTgRk
Performance Quartile
(within Category)
History
10.0
8.0
12.0
14.0
16.0
Portfolio Analysis
06-30-13
Share change since 03-13 Total Stocks:1 Sector
PE Tot Ret% % Assets
Irs Usd 3mlq/3.00000s 03
. . .
48.81
Irs Aud 6mbbs/3.75000s 1
. . .
15.12
Irs Aud 6mbbs/4.25000s 1
. . .
14.65
US Treasury Note 2%
. . .
12.63
PIMCO Income Instl
. .
4.61 11.20
Vanguard FTSE Emerging M
. . .
10.94
Irs Aud 6mbbs/4.00000s 1
. . .
9.64
PIMCO Unconstrained Bond
. .
-1.60 9.12
PIMCO EqS Pathfinder Ins
. .
17.16 6.62
PIMCO EqS Dividend Insti
. .
17.49 6.43
Irs Aud 6mbbs/3.50000s 1
. . .
6.01
PIMCO Short-Term Floatin
. . .
5.80
Letra Tesouro Nacional
. . .
5.35
PIMCO EqS Emerging Marke
. .
0.56 5.19
Irs Gbp 6mls/3.00000s 03
. . .
4.79
Irs Brl Zcs R 8.2/Cdi 12
. . .
4.71
iShares China Large-Cap
. . .
4.68
Irs Aud 6mbbs/3.50000s 0
. . .
4.44
Irs Aud 6mbbs/3.75000s 0
. . .
4.38
US Treasury Bond
. . .
4.35
Current Investment Style
Market Cap %
Giant
48.9
Large
27.3
Mid
18.1
Small
4.8
Micro
0.9
Avg $mil:
22,558
Value Blnd Growth
Large Mid Small
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
11.55
1.56
1.13
4.43
3.30
.
.
.
.
.
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
11.43
-29.95
1.87
-12.40
-29.29
.
NMF
.
NMF
NMF
Profitability
% Rel Category
Return on Equity
Return on Assets
Net Margin
18.03
7.20
18.14
.
.
.
Sector
Weightings
% of
Stocks
Rel M*
MdTgRk High
3 Year
Low
Cyclical 43.41 1.11
BasicMat 5.95 1.03
. .
CnsmrCyc 5.91 0.51
. .
FinanSvs 29.84 1.65
. .
Real Est 1.71 0.46
. .
Sensitive 33.13 0.88
CommSrvs 9.02 2.34
. .
Energy 9.92 1.12
. .
Industrl
5.09 0.40
. .
Technlgy 9.10 0.74
. .
Defensive23.45 1.01
CnsmrDef11.13 1.26
. .
Hlthcare 9.75 0.95
. .
Utilities 2.57 0.63
. .
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash -74.9
Stocks 30.6
Bonds 135.0
Other
9.3
Foreign 74.6
©
2013Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor
timely. Pastperformance is no guarantee of future results.Access updated reportsat
Toorder reprints, call312-696-6100.
mfb.morningstar.com.
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