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*

GBP Flexible Allocation

★★★★

*Among 444 funds in the Morningstar EEA Fund GBP Flexible Category as of 30.09.21. Past performance is not a guarantee or a reliable indicator of future results.

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Q3 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 longer but endangered expansion

A longer but endangered expansion

The second half of 2021 was supposed to be the time when growth, inflation, and bottlenecks normalised, but the reality is proving somewhat different. Demand has been unprecedentedly strong post-reopening, supported by a hefty global fiscal stimulus; but a new wave of coronavirus cases, combined with natural disasters, have further conspired to increase shortages and bottlenecks. Demand is not the issue and, as supply will inevitably play catch-up, we continue to see this complex operating environment as welcome news with many healthy quarters still ahead, at a time when gross profit margins are reaching records. However, there is one emergent risk that gives us pause: With the energy crisis getting worse by the day, that is bad news for households and industry, who are seeing input costs increase dramatically. We see a tail risk of spiraling inflation and disappointing growth as unlikely but possible, hence we have recently changed our traffic light from green to amber and reduced our equity exposure by around 10% to 28.1%. ... READ MORE
Chips and ships

Chips and ships

The last few weeks and months have taught us that supply curves do go vertical in a physical world. We can have as many online movies or songs as we wish, but things get vastly more complicated when it becomes tons of copper, semiconductors or gas. The need for semiconductors continues to rise. We have often pointed to the multiplication effect involved, as devices around us become more sophisticated: For example, we need three times more chips when switching from 4G to 5G technology. Today, our exposure to semiconductors constitutes a significant part of our equity allocation at 11.8%. Global demand also exceeds our capacity to transport physical goods. On the shipping front, the demand for physical products is rising and congestion at ports keeps worsening with the world composite rate for containers rising again. We remain invested here with a 2.4% allocation. ... READ MORE
Growth and stability in Japan

Growth and stability in Japan

From a relative value perspective, we have had a long-running preference for Japan, due to the fact that the Japanese equity market is attractively valued and holds key parts to the core sectors of the new cycle (semiconductors, robotics). The correction we have seen in Q2’21 has made this opportunity even more striking: P/E levels are within the long-term range and at discounts to the U.S. and Europe. The acceleration in vaccination rates, as well as a pickup in fiscal support, are also clear short-term supports. Our positioning in Japan has proven to be very profitable this summer, as the market outperformed other geographies and we took some profits. Today, we maintain our long positioning, as Japan remains well positioned to outperform. ... 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.

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