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Arnott: "In Pimco All Asset and All Asset All Authority, we invest in stocks [in the U.S. and other developed markets] purely as a tactical asset. We don't view it as a core vehicle."
I'm not sure I've seen him express this so clearly before.
If you look at the 1/31/2012 holdings for PAUIX, US equities were a pitiful 2.27%. International equities were another 14.81%, so overall less than 20% in equities.
Reply to @claimui: He lays out his reasoning in the article, and performance - at least in terms of PAUDX (nearly 8%) have been, given the fund, very good this year.
Comments
I'm not sure I've seen him express this so clearly before.
Good catch, Ted; thanks for the link.
http://investments.pimco.com/Products/pages/283.aspx?ShareClassCode=INSTL