When I look at the 3/31/2013 portfolio statistics for PIMIX and PIGIX for example, they are presented in two columns. One is MV which is Market Value Exposure and other DWE which is Duration Weighted Exposure.
Lets say I have $100 invested in PIMIX and $100 invested in PIGIX. In the MV column next to mortgage it indicates 64 for PIMIX. In the DWE column next to mortgage it indicates 47 for PIMIX. For PIGIX it is 8 and 4 respectively.
I am trying to understand the meaning and difference between the two columns.
The explanation I got from Pimco, was that for PIMIX I would have $64 in Mortgages and 47% of the duration risk for all sectors of the fund, is from mortgages. In the case of PIGIX, I have $8 in mortgages and 4% of the duration risk is for all the sectors in the fund is from mortgages.
I am trying to figure out is how much I am under-weighted and over-weighted in each sector (mortgages, Investment-Grade Corporates, High-Yield,and Non-US Developed).
Is it as simple as adding up each sector row in each of the funds and comparing the sectors?
If so, in this example would I have a total of $72 ($64 + $8) out of $200 ($100 in PIMIX and $100 in PIGIX) in mortgages. Or 36% in mortgages ($72/$200).