NEWPORT BEACH, CA -- (MARKET WIRE) -- 07/09/08 -- PIMCO, a leading investment management
firm, announced today that it has launched the PIMCO Unconstrained Bond
Fund (UBF), which puts the firm's proven investment process to work for
clients in a fund that is not tethered to benchmark-specific guidelines.
The UBF is managed by PIMCO Managing Director and Portfolio Manager Chris
Dialynas.
"The underlying strategy of the UBF provides greater scope to adjust
duration exposure, allocate across sectors, express our active views and
tap into our global fixed income toolkit beyond what is possible with
benchmark-oriented funds. Our approach to the UBF will be governed by
PIMCO's investment philosophy and disciplined secular process, and we
believe the UBF will benefit from the depth of the firm's expertise as well
as our rigorous focus on risk management," said Mr. Dialynas.
Key features of the UBF include:
-- Offer traditional characteristics of a core bond fund such as limited
downside risk, low correlation with equities, liquidity and diversification
-- Potential to outperform traditional active fixed-income management
approaches where the manager may be expected to limit tracking error
relative to a benchmark
-- May invest in derivative instruments such as options, futures
contracts or swap agreements
-- May invest in mortgage and asset-backed securities
-- May invest in securities denominated in foreign currencies
-- Up to 50% of assets of the UBF can be invested in securities and
instruments economically tied to emerging market countries
-- Up to 40% of assets of the UBF can be invested in high yield corporate
bonds
The launch of the unconstrained bond fund is another natural extension of
PIMCO's proven track record in active fixed income management. Like all
PIMCO products, the fund is guided by PIMCO's unique secular investment
process, which focuses on long-term economic, social and political trends
that may have lasting impacts on investment returns. Moreover, over shorter
cyclical time frames, the unconstrained nature of the fund allows PIMCO to
take on more risk when PIMCO identifies tactical opportunities, and it
allows for reduction and diversification of risk at times when the outlook
may be challenging for traditional fixed income benchmarks.
The ticker symbol for the PIMCO Unconstrained Bond Fund is PFIUX.
About PIMCO
PIMCO, founded in 1971, is a global asset management firm serving a full
range of institutional and retail investors worldwide. Our reputation as
one of the world's top asset managers rests on our combination
of a long-term investment approach, superior client servicing and cutting
edge technology. With offices in nine countries in North America, Europe
and Asia, we manage investments across a full spectrum of global financial
markets. Our success is built on our goal of consistently providing
attractive returns while maintaining a strong culture of risk management
and long-term discipline. PIMCO is owned by Allianz Global Investors, a
subsidiary of the Munich-based Allianz Group, a leading global insurance
company.
Except for the historical information and discussions contained herein,
statements contained in this news release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. These statements may involve a number of risks, uncertainties
and other factors that could cause actual results to differ materially,
including the performance of financial markets, the investment performance
of PIMCO's sponsored investment products and separately managed accounts,
general economic conditions, future acquisitions, competitive conditions
and government regulations, including changes in tax laws. Readers should
carefully consider such factors. Further, such forward-looking statements
speak only on the date at which such statements are made. PIMCO undertakes
no obligation to update any forward-looking statements to reflect events or
circumstances after the date of such statements.
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