GIS Dynamic Multi-Asset Fund

Enjoy the upside of downside awareness

Combines big picture thinking with the ability to capture opportunities and manage risk across different economic cycles and market environments.

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OVERVIEW

Dynamic Multi-Asset Fund: How Can It Help You in Today's Market Conditions?

  • Provide Options

    Market uncertainty is high. Flexibility can help mitigate risk and find opportunity.
  • Enhance Potential Returns

    Opportunities are dynamic. Selective exposure to risk can improve outcomes.
  • Control Risk

    Risk is not constant. Flexibility and a defensive mindset are critical to smooting returns.

FUND

GIS Dynamic Multi-Asset Fund

Designed to deliver across market environments and used in three key ways:

  • Core asset allocation strategy
  • Liquid alternative strategy
  • Tactical allocation complement
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Overall Morningstar Rating*

EUR Flexible Allocation - Global

★★★★

*Among 2696 funds in the Morningstar EEA Fund EUR Flexible Allocation – Global Category as of 31.05.22. Past performance is not a guarantee or a reliable indicator of future results.

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Q4 2021

STORIES

The Bigger Picture

We believe that combining a big picture view of the world with thorough asset-specific research is the best way to form a complete, independent view. To stay updated subscribe below.

A differentiated approach to harness alpha

A differentiated approach to harness alpha

Our outlook for 2022 is a gradual transition into a late cycle economic environment. Growth is likely to remain above trend, but momentum will continue to slow as post pandemic pent up demand moderates and fiscal and monetary policy in developed markets tightens through the year. Crucially, while we have moved through the early stages of this cycle at a profoundly fast pace, we expect the second half of the cycle to be more protracted due to inventory restocking, continued robust CapEx, and strong consumer fundamentals. Over the secular horizon, we expect the global economy to experience more uncertain, volatile, and divergent growth and inflation relative to the “New Normal” decade leading up to the pandemic. In DMAF, we begin 2022 with a high conviction portfolio positioned in line with PIMCO’s cyclical and secular outlook. The portfolio's equity allocation remains heavily differentiated from broad market indices and focused on exposures with quality balance sheets, pricing power, and secular tailwinds. ... READ MORE
A focus on semiconductors

A focus on semiconductors

We continue to view the semiconductor sector very positively. Valuations remain attractive, with a forward P/E at 19x for the sector versus 21x for the broader market. The new digital cycle offers compelling growth opportunities, and we view favorably the earning potential for the parts of the industry with the most pricing power. In particular, we continue to invest in large foundries, as these companies are poised for strong pricing power given their unique position in a tight market where both R&D times and CapEx requirements are high. Another crucial part of the supply chain is wafers: the substrate for microelectronic devices built-in and upon the wafer. We have seen shortages here along with strong growth and profitability due to the industry’s need for more complex elements driven by the shift towards nodes densification. ... READ MORE
Infrastructure on the U.S. horizon

Infrastructure on the U.S. horizon

As always, DMAF looks to use its full breadth and agility to gain exposures to key developments in markets. We have formalized infrastructure as a standalone theme which aims to benefit from the new infrastructure packages in the U.S. The basket now includes 12 stocks and reaches an exposure of 1.8% through three key points in the U.S. construction supply chain: Engineering and building product makers, steel and aluminum manufacturers, and iron ore, copper, and aluminum miners. The sector is supported by global commerce bottlenecks as foreign – particularly Chinese – materials become less competitive following trade tensions, as well as higher freight and delivery times. Valuations are very attractive with median P/Es of around 10x. ... READ MORE

TEAM

Our Investment Management Team

The team combines decades of expertise across alternative strategies and traditional asset classes, and leverages the full depth and breadth of PIMCO’s global investment resources.

Geraldine Sundstrom

Geraldine Sundstrom

Portfolio Manager, Asset Allocation

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Emmanuel Sharef

Emmanuel S. Sharef

Portfolio Manager, Asset Allocation

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Erin Browne

Erin Browne

Portfolio Manager, Asset Allocation

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THOUGHT LEADERSHIP

From Our Investment Team

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Contact

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Disclosures

Opinion and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. All investments contain risk and may lose value. © 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar rating as of 30/11/2020 for Institutional GBP (Hedged) Accumulation share class. All investments contain risk and may lose value. © 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar rating as of 30/11/2020 for Institutional EUR (Hedged) Accumulation share class. The Dynamic Multi-Asset Fund, sub-fund of the PIMCO GIS Funds: Global Investors Series plc is domiciled in Ireland. PIMCO Funds: PIMCO Funds: Global Investors Series plc is an umbrella type open-ended investment company with variable capital and is incorporated with limited liability under the laws of Ireland with registered number 276928. The information is not for use within any country or with respect to any person(s) where such use could constitute a violation of the applicable law. The information contained in this communication is intended to supplement information contained in the prospectus for this Fund and must be read in conjunction therewith. Investors should consider the investment objectives, risks, charges and expenses of these Funds carefully before investing. This and other information is contained in the Fund's prospectus. Please read the prospectus carefully before you invest or send money.

Past performance is not a guarantee or a reliable indicator of future results and no guarantee is being made that similar returns will be achieved in the future. Returns are net of fees and other expenses and include reinvestment of dividends. The performance data represents past performance and investment return and principal value will fluctuate so that the PIMCO GIS Funds shares, when redeemed, may be worth more or less than the original cost. Potential differences in performance figures are due to rounding. The Fund may invest in non-U.S. or non-Eurozone securities which involves potentially higher risks including non-U.S. or non-Euro currency fluctuations and political or economic uncertainty. For informational purposes only. Please note that not all Funds are registered for sale in every jurisdiction. Please contact PIMCO for more information. For additional information and/or a copy of the Fund's prospectus, please contact the Administrator: State Street Fund Services (Ireland) Limited,

Telephone +353-1-776-0142, Fax +353-1-562-5517. © 2021.

Benchmark - Unless referenced in the prospectus and relevant key investor information document, a benchmark or index in this material is not used in the active management of the Fund, in particular for performance comparison purposes.

Where referenced in the prospectus and relevant key investor information document a benchmark may be used as part of the active management of the Fund including, but not limited to, for duration measurement, as a benchmark which the Fund seeks to outperform, performance comparison purposes and/or relative VaR measurement. Any reference to an index or benchmark in this material, and which is not referenced in the prospectus and relevant key investor information document, is purely for illustrative or informational purposes (such as to provide general financial information or market context) and is not for performance comparison purposes. Please contact your PIMCO representative for further details.” 

Correlation - As outlined under “Benchmark”, where referenced in the prospectus and relevant key investor information document, a benchmark may be used as part of the active management of the Fund. In such instances, certain of the Fund’s securities may be components of and may have similar weightings to the benchmark and the Fund may from time to time show a high degree of correlation with the performance of any such benchmark. However the benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the benchmark.

Investors should note that a Fund may from time to time show a high degree of correlation with the performance of one or more financial indices not referenced in the prospectus and relevant key investor information document.  Such correlation may be coincidental or may arise because any such financial index may be representative of the asset class, market sector or geographic location in which the Fund is invested or uses a similar investment methodology to that used in managing the Fund.”

Please note that the above benchmark(s) or index/indices are not used in the active management of the Fund, in particular for performance comparison purposes. They are for information purposes only.