Secular Outlook

How Our Secular Outlook Informs Portfolio Construction

Marc Seidner, CIO Non-traditional Strategies, speaks to how our Secular Outlook is a differentiator in how we construct and manage portfolios.

Learn more:

More from this section

Read Transcript

Marc P. Seidner, Chief Investment Officer, Non-traditional Strategies: Our secular forum is an important competitive advantage for PIMCO because it does help us differentiate from most that are focused on the short term.

Photographs from a PIMCO Secular Forum

In coming together for two and a half days as an organization, as a firm, we are also incredibly fortunate to be joined by some of the best thought leaders in the economic profession, in the industry, and in financial markets. We invite many outside presenters to come in and share their views and their perspectives with us,

and we are also incredibly fortunate to be joined by our global advisory board, which is chaired by Ben Bernanke, but also includes Gordon Brown and Ng Kok Song.

Text on Screen: PIMCO Global Advisory Board – Ben Bernanke, Joshua Bolten, Gordon Brown, Ng Kok Song, Anne-Marie Slaughter, Jean-Claude Trichet

Text on screen: Secular Outlook and the Investment Committee

Those sets of meetings are obviously brought together and used in our day-to-day investment committee deliberations.

Text on screen: Investment Committee- Regular meetings informed by Secular Forum conclusions

The investment committee meets three to four times a week for two to three hours a day and it is the basis of our discussions, the conclusions and the focus from our cyclical forums and our secular forums.

Text on screen: Active Risk Management

It's important to note that over our secular horizon, active risk management will be critically important. There are both left tail risks, the risk of deteriorating economic conditions that have to be guarded against in terms of securities selection and focus on valuation, and importantly, there are right tail risks as well, which we would define as the risk of inflation and the loss of purchasing power in a world where bonds yield very little in many developed markets. Much of risk management is, quite frankly, in many parts of our industry, backward looking, it's the last crisis, it's the last episode of volatility.

Shot of PIMCO employees working.

Our forward-looking risk process and part of our active risk management looks at scenarios that we think could occur,

Shot of a city, then gas station and then farm machinery.

it thinks about the risks from emerging markets, it thinks about the risks of inflation, it considers additional commodity volatility, it thinks about what could heretofore have been thought of as unimaginable.

Shot of building with U.K. flag on top of it, then shot of New York Stock Exchange building, then shots from the trading floor of the NYSE.

If we think about investing over the last three or four years or perhaps even the last four or five years, it has mattered much less what types of risks one has taken in their portfolio but how much risk one has taken. Betas have been an important driver of results.  And it is active management that focuses on what one owns, not how much one owns.

Text on screen: Secular Outlook Guides Our Investment Choices

The secular view to a large degree defines where we think the destination may be.  We may change course periodically, there may be diversions, there may be distractions, and that's what we review and update at our cyclical forums,

Shots of PIMCO employees working and shot of PIMCO Newport Beach office building.

and then the investment committee is there on a day-to-day basis to ensure that there aren’t major shifts, aren't major changes, aren't major deviations that we need to focus on a much more real-time basis, in addition to normal day-to-day investment activities such as the bottom-up and the top-down portfolio construction and investment activities.

For more information, visit

Filters: Reset All


Close Filters Dropdown
  • Tags


  • Category


    Bond by Bond
    Economic and Market Commentary
    Investment Strategies
    PIMCO Foundation
    PIMCO Education
    View from the Investment Committee
  • Order By


    Most Recent
() filters applied

Video Finder

Filter By:
  • Bond by Bond
  • Careers
  • Economic and Market Commentary
  • Investment Strategies
  • PIMCO Education
  • View from the Investment Committee
  • Viewpoints
  • Understanding Investing
  • A
  • B
  • C
  • D
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • R
  • S
  • T
  • V
  • W
Tina Adatia
Fixed Income Strategist
Berdibek Ahmedov
Product Strategist, Global and Real Return
Olivia A. Albrecht
Head of ESG Business Strategy
Mike Amey
Joshua Anderson
Head of Global ABS Portfolio Management
Robert Arnott
Founder and Chairman, Research Affiliates
Andrew Balls
CIO Global Fixed Income
Justin Blesy
Asset Allocation Strategist
Philippe Bodereau
Portfolio Manager, Global Head of Financial Research
David L. Braun
Head of US Financial Institutions Portfolio Management
Jelle Brons
Portfolio Manager, Global Investment Grade Credit
Nathaniel Brown
Director of the PIMCO Foundation
Erin Browne
Portfolio Manager, Multi-Asset Strategies
Libby Cantrill
Executive Office, Public Policy
Josh Davis
Global Head of Client Analytics
Laura Deneke
Sr. Vice President, Product Strategist
Pramol Dhawan
Head of Emerging Markets Portfolio Management
Joachim Fels
Global Economic Advisor
David Fisher
Head of Traditional Product Strategies
Gene Frieda
Global Strategist
Adam Gubner
Portfolio Manager, Distressed Debt
Gregory Hall
Head of U.S. Global Wealth Management
David Hammer
Head of Municipal Bond Portfolio Management
Mary Hoppe
Daniel H. Hyman
Head of Agency MBS Portfolio Management
Daniel J. Ivascyn
Group Chief Investment Officer
Andrew R. Jessop
Portfolio Manager, High Yield
Nicholas J. Johnson
Portfolio Manager, Commodities
Mark R. Kiesel
CIO Global Credit
Ryan Korinke
Head, Hedge Fund and Quantitative Strategies
Christine Long
Head of Retirement Marketing
Nicola Mai
Portfolio Manager, Sovereign Credit Analyst
Jason Mandinach
Head of Alternative Credit and Private Strategies
Scott A. Mather
CIO U.S. Core Strategies
Sean McCarthy
Head of Municipal Credit Research
Mohit Mittal
Portfolio Manager, Liability Driven Investment and Credit
James Moore
Alfred T. Murata
Portfolio Manager, Mortgage Credit
John Murray
Portfolio Manager, Commercial Real Estate
John Nersesian
Head of Advisor Education
Roger Nieves
Senior Advisor
Jason Odom
Strategist, Asset Allocation
Sonali Pier
Portfolio Manager, Multi-Sector Credit
Lupin Rahman
Head of EM Sovereign Credit
Libby Rodney
Steve A. Rodosky
Portfolio Manager, Real Return and Long Duration
Emmanuel Roman
Chief Executive Officer
Manusha Samaraweera
Product Strategist
Steve Sapra
Client Solutions & Analytics
Jerome M. Schneider
Head of Short-Term Portfolio Management
Marc P. Seidner
CIO Non-traditional Strategies
Emmanuel S. Sharef
Portfolio Manager, Asset Allocation and Residential Real Estate
Greg E. Sharenow
Portfolio Manager, Real Assets
Anmol Sinha
Fixed Income Strategist
Candice Stack
Head of Client Management, Americas
Cathy Stahl
Global Head of Marketing
Christian Stracke
Global Head of Credit Research
Geraldine Sundstrom
Portfolio Manager, Asset Allocation
Christopher Tarui
Richard Thaler
Distinguished Service Professor of Economics and Behavioral Science at the University of Chicago's Booth School of Business
Jessica K. Tom
Senior Credit Analyst
Eve Tournier
Head of European Credit Portfolio Management
Jerry Tsai
Quantitative Research Analyst
John Valtwies
Research, Consultants and Product Group
Jamie Weinstein
Portfolio Manager, Head of Corporate Special Situations
Tiffany Wilding
North American Economist
Andrew T. Wittkop
Portfolio Manager, Treasuries, Agencies, Rates
Chris Brightman
Chief Investment Officer, Research Affiliates
  • Alphabetical
  • Most Recent
Section : Date : Experts :
Reset All
50th Anniversary Video
Is the role of bonds changing in the face of low yields?
PIMCO’s Active Investment Process