Home > Investments > Euro Short-Term Fund > E Acc
Fact Sheet Prospectus

GIS Euro Short-Term Fund

ISIN: IE00B11XYZ73

Updated 08 December 2023

Fact Sheet Prospectus

Loading...

  • {{ currentShareClassCode }}

  • DAILY NAV (EUR)
    10.77
  • DAILY YTD RETURN
    3.36%
  • TOTAL NET ASSETS (EUR)
    192 MM
    (as of 30/11/2023)
  • TOTAL NET ASSETS (EUR)
    192 MM
    (as of 30/11/2023)
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    31/03/2006
  • CLASS
    Fixed Income
  • CLASS INCEPTION DATE
    31/03/2006

Objective

The investment objective of the Euro Short-Term Fund is to seek maximum current income consistent with the preservation of capital and daily liquidity.

--%>
⏸
|
in-page

Overview

This is a marketing communication. Please refer to the Prospectus of the PIMCO Funds: Global Investors Series Plc and to the UK KIID before making any final investment decisions.

Fund Description

The Euro Short-Term Fund employs a multi-strategy fixed income approach to enhanced cash returns. The fund invests at least two-thirds of its assets in a diverse portfolio of euro denominated, investment grade fixed-income securities, has an average portfolio duration of one and a half years or less, and may hold up to 10% in high yield and emerging markets.

Fund Specific Risks

Credit and Default Risk

A decline in the financial health of an issuer of a fixed income security can lead to an inability or unwillingness to repay a loan or meet a contractual obligation. This could cause the value of its bonds to fall or become worthless. Funds with high exposures to non-investment grade securities have a higher exposure to this risk.

Currency Risk

Changes in exchange rates may cause the value of investments to decrease or increase.

Derivatives and Counterparty Risk

The use of certain derivatives could result in the fund having a greater or more volatile exposure to the underlying assets and an increased exposure to counterparty risk. This may expose the fund to larger gains or losses associated with market movements or in relation to a trade counterparty being unable to meet its obligations.

Emerging Markets Risk

Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty and operational risk. Investments in these markets may expose the fund to larger gains or losses.

Liquidity Risk

Difficult market conditions could result in certain securities becoming hard to sell at a desired time and price.

Interest Rate Risk

Changes in interest rates will usually result in the values of bond and other debt instruments moving in the opposite direction (e.g. a rise in interest rates likely leads to fall in bond prices).

Mortgage Related and Other Asset Backed Securities Risks

Mortgage or asset backed securities are subject to similar risks as other fixed income securities, and may also be subject to prepayment risk and higher levels of credit and liquidity risk.

Investor Benefits

The fund focuses on preserving capital and minimizing downside risk, while targeting consistent excess returns over cash.

The Fund Advantage

This fund operates within a rigorous risk management framework while employing active strategies, which provides potential for stable enhanced returns over cash.

BENCHMARK

ICE BofA 3‑mo German Govt Bill Index

BENCHMARK DESCRIPTION

ICE BofA 3-Month German Government Bill Index (G3DB) ICE BofA 3-Month German Government Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding German Treasury Bill that matures closest to three months from the rebalancing date, but not less than one month. To qualify for selection, the bill must have settled on or before the month-end rebalancing date.

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

31/03/2006

OLDEST SHARE CLASS

OLDEST SHARE CLASS INCEPTION

{{ overviewDataJSON.oldest_shareclass_inception_date }}

BASE CURRENCY

ISIN

IE00B11XYZ73

TICKER

{{ overviewDataJSON.symbol }}

SEDOL

{{ overviewDataJSON.sedol }}

SHARE CLASS CURRENCY

CUSIP

{{ overviewDataJSON.cusip }}

VALOR

{{ overviewDataJSON.valoren }}

WKN

{{ overviewDataJSON.wkn }}

VAG Compliance

Traspasable

Yes

disclosures

The fund is actively managed in reference to the above Benchmark as further outlined in the prospectus and key investor information document.

SUSTAINABLE FINANCE DISCLOSURE REGULATION (SFDR) CATEGORISATION - ARTICLE 8

 

SFDR Categorisation sets out how the fund is categorised for the purposes of Regulation (EU) 2019/2088 on Sustainability-related Disclosures in the Financial Services Sector.  Article 8 funds promote environmental and/or social characteristics with further details set out in the Prospectus and relevant Fund Supplement.

RELATED

PIMCO BLOG

Timely insights on markets and macroeconomics around the world

Our Latest Economic Outlook

Every quarter we invite the world’s leading macroeconomic and policy experts to challenge our house view.

LEARN MORE

PIMCO Subscription Centre

Manage your subscription today

MANAGE NOW

Managers

Konstantin Veit

Portfolio Manager, European Rates

View Profile for Konstantin Veit

Vasi Ardelean

Portfolio Manager, Short-Term

View Profile for Vasi Ardelean

Yields & Distributions

Historical Prices & Distributions

Estimated Gross Yield to Maturity1 as of 30/11/2023 4.38%
Current Yield2 as of 30/11/2023 3.02%

disclosures

1PIMCO calculates a Fund's Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO sources each security's yield to maturity from PIMCO's Portfolio Analytics database. When not available in PIMCO's Portfolio Analytics database, PIMCO sources the security's yield to maturity from Bloomberg. When not available in either database, PIMCO will assign a yield to maturity for that security from a PIMCO matrix based on prior data. The source data used in such circumstances is a static metric and PIMCO makes no representation as to the accuracy of the data for the purposes of calculating the Estimated Yield to Maturity. The Estimated Yield to Maturity is provided for illustrative purposes only and should not be relied upon as a primary basis for an investment decision and should not be interpreted as a guarantee or prediction of future performance of the Fund or the likely returns of any investment.
2The estimate of current yield is based on PIMCO's best judgment for the securities in the portfolio on the date shown. PIMCO makes no representation on the accuracy or the methodology used.

Yields reported gross of fees, the deduction of which will reduce the yield. Yields are reported in the base currency of the fund and are not specific to the share class.

Fees & Expenses

Unified Fee 1.04%

Prices & Performance - Past performance does not predict future returns

Daily Statistics

All data as of 08/12/2023

NAV (EUR) 10.77 One Day Return 0.00%
Daily Change (EUR) 0.00 Daily YTD Return 3.36%

Discrete Performance

All data as of 30/11/2023
  Nov`13 - Nov`14 Nov`14 - Nov`15 Nov`15 - Nov`16 Nov`16 - Nov`17 Nov`17 - Nov`18 Nov`18 - Nov`19 Nov`19 - Nov`20 Nov`20 - Nov`21 Nov`21 - Nov`22 Nov`22 - Nov`23
Euro Short-Term Fund 0.62 -0.09 -1.14 -0.80 -2.14 -0.73 -1.29 -1.12 -2.07 3.36
ICE BofA 3-mo German Govt Bill Index 0.16 -0.04 -0.31 -0.37 -0.37 -0.39 -0.48 -0.56 -0.20 3.00
The above information is additional to, and should be read only in conjunction with, the performance data presented under Calendar Year Returns % below.

All data as of

All data as of

The above information is additional to, and should be read only in conjunction with, the performance data presented under Calendar Year Returns % below.

Performance quoted represents past performance and is not a guarantee or a reliable indicator of future returns. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than average annual returns shown.

Calendar Year Returns %

All data as of

Morningstar Ratings

disclosures

Past performance is not a guarantee or a reliable indicator of future returns. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling +44 203 3640 1552.
Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index.
A rating is not a recommendation to buy, sell or hold a fund. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results. For more detailed information about Morningstar Rating, including its methodology, please go to: The Morningstar Rating Methodology.

Portfolio Composition

All data as of unless otherwise stated

Maturity %

0-1 yrs 77.26
1-3 yrs 22.69
3-5 yrs -10.34
5-10 yrs 10.39
10-20 yrs 0.00
20+ yrs 0.00
Effective Maturity (yrs) 0.48

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 1.15
Sharpe Ratio3 -0.33
Information Ratio4 -0.75
Tracking Error5 0.97

Top 10 Country by Currency of Settlement (DWE%)

European Union 250.45
Italy 15.64
Spain 13.14
United States 11.71
Slovakia 4.74
Netherlands 3.80
United Kingdom 3.22
Australia 3.21
Finland 2.90
Germany -216.61

Duration Yrs

0-1 yrs 0.07
1-3 yrs 0.53
3-5 yrs -0.11
5-7 yrs 0.00
7-8 yrs 0.00
8-10 yrs 0.00
10+ yrs 0.00
Effective Duration (yrs) 0.49

Sector Allocation - Duration in Years

Government Related6 -0.51
Securitized 0.01
Invest. Grade Credit 0.99
High Yield Credit 0.00
Emerging Markets7 0.00
Municipal/Other8 0.00
Net Other Short Duration Instruments9 0.00

Top 10 Country by Currency of Settlement (FX%)

Japan 0.50
Australia 0.07
Denmark 0.05
Canada 0.05
Switzerland 0.03
New Zealand 0.03
United States 0.02
Sweden 0.01
South Africa 0.01
United Kingdom 0.00

disclosures

3The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the portfolio returns.
4The information ratio is defined as the portfolio's excess return per unit of risk, or tracking error. For example, an information ratio of 1 means that a portfolio manager generates 100 basis points, or one percent of excess return for every 100 basis points of risk taken.
5Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
6May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
7Short duration emerging markets instruments includes an emerging market security or other instrument economically tied to an emerging market country by country of risk with an effective duration less than one year and rated investment grade or higher or if unrated, determined to be similar quality by PIMCO. Emerging Markets includes the value of short duration emerging markets instruments previously reported in another category.
8May include municipals, convertibles, preferreds, and yankee bonds.
9Net Other Short Duration Instruments includes securities and other instruments (except instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money, short duration derivatives (for example Eurodollar futures) and derivatives offsets. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade for inclusion in this category. Derivatives Offsets includes offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position which in certain instances may exceed the actual amount owed on such positions.
Duration Weighted Exposure (DWE%) is the percentage weight of each sector’s contribution to the overall duration of the fund

Documents

Tax Centre

UK KIID

See More
Please select one or more documents to take an action.

The highlighted items cannot be added to my contents.

The highlighted items cannot be ordered.

Please resubmit request to proceed.

RELATED

PIMCO Subscription Centre

Manage your subscription today

MANAGE NOW

Resources

Key resources to help support your business

LEARN MORE

Our Latest Economic Outlook

Every quarter we invite the world’s leading macroeconomic and policy experts to challenge our house view.

LEARN MORE

Disclosures

A Prospectus is available for PIMCO Funds: Global Investors Series plc (the Company) and Key Investor Information Documents (UCITS KIID) are available for each share class of each the sub-funds of the Company.

 

The Company’s Prospectus can be obtained from www.fundinfo.com and is available in English, French, German, Italian, Portuguese and Spanish.

 

The UCITS KIID can be obtained from www.fundinfo.com  and are available in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive).

 

In addition, a summary of investor rights is available here. The summary is available in English.

 

The sub-funds of the Company are currently notified for marketing into a number of EU Member States under the UCITS Directive. PIMCO Global Advisors (Ireland) Limited can terminate such notifications for any share class and/or sub-fund of the Company at any time using the process contained in Article 93a of the UCITS Directive.

A rating is not a recommendation to buy, sell or hold a fund. Past performance is not an indicator of future results.
In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.
The Fund may invest in non-UK securities, which may entail greater risk due to non-UK economic and political developments and may be enhanced when investing in emerging markets. This Fund may use derivative instruments for efficient portfolio management. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested. The Fund may invest in high-yield, lower-rated securities, which generally involves greater risk to principal than investment in higher-rated securities. The credit quality of the investment in the portfolio does not apply to the stability or safety of the Fund. The Fund offers different share classes, which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services.
Distributed by PIMCO Europe Ltd, 11 Baker Street, London, W1U 3AH, England.

Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund referenced in this material is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this material is made solely for risk or performance comparison purposes. This material may contain additional information, not explicit in the prospectus, on how the Fund or strategy is currently managed. Such information is current as at the date of the presentation and may be subject to change without notice.

 

Except for performance, statistics and breakdowns shown are for the fund and are not specific to the share class.

 

RISK Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be suitable for all investors. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Equities may decline in value due to both real and perceived general market, economic and