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Barron's Revisits Pimco Income

yogibearbullyogibearbull
edited March 13 in Fund Discussions
FUNDS. Ivascyn (and Murata) of multisector giant PONAX / PIMIX are loading up on agency MBS and TIPS but reducing exposure to corporates, nonagency MBS (a Pimco specialty) and HY. Credit spreads are tight, stocks are (still) expensive, so it's focusing on credit quality. The yield-curve is almost flat. He doesn’t expect high inflation or recession and has increased Fund duration a bit. Fund is well positioned for 5-yr timeframe and has a generous distribution. It’s unclear how (or, if) the Administration will calibrate policies with economic data and market signals. (etf cousin is PYLD, riskier CEF cousins are indefinite-term PDI and limited-term PDO, PAXS.) (By @LewisBraham at MFO).
https://www.barrons.com/articles/top-bond-fund-manager-buying-now-2168a117?refsec=funds&mod=topics_funds

Comments

  • gman57
    Yes, PIMIX is doing good YTD
  • BaluBalu
    edited March 13
    YBB,

    Paywall for me.

    "It’s unclear how (or, if) the Administration will calibrate policies with economic data and market signals."

    The administration is shooting for a somewhat inverted yield curve and as I see it, that is how PIMIX is positioned for. What is up with M*, showing PIMIX holdings as of Sept 30?

    I had not checked PIMIX stats in years. I did a quick check. seems like their webpage has changed quite a bit since I last checked. I had to download the Portfolio Stats spreadsheet to see some of the detail I thought I used to be able to see on their website.

    In any case, as of Feb 28, it is 85% US and UK+ Australia another 15% with Germany and Japan short. Not a whole lot of EM which surprised me. But they can have naked currency exposures which i have not yet checked. I strongly urge forum members downloading the spreadsheet and checking the details.
  • MarkMark
    @gman57 - PDI, PDO & PAXS are holding fairly stable as well for the time being. I follow them carefully as I hold all 3.
  • Sven
    Thanks to @LewisBraham, the article describes why Ivascyn move the bond sectors PIMIX’s to another while increasing the quality and duration from 9/31/20 to 1/31/25.

    excerpt:
    “One of the core themes that we have today is that bonds are cheap, stocks look expensive, and credit spreads are tight, so focus on higher-quality investments,” he says. “Be patient and don’t overly trade the market.”
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