
2026 | 2025
The fund aims to generate high, consistent income with modest long-term capital appreciation.
The fund balances higher-yielding assets with high-quality exposures, diversifying across sectors, ratings and geographies while favouring structural seniority.
The fund is benchmark-agnostic and combines top-down macro views with bottom-up credit research to generate consistent income and modest longterm capital appreciation.
As of 31 March 2026, the fund held 7,325 positions, led by Agency MBS, alongside non-Agency MBS, government-related bonds, corporate credit, EM bonds and cash.
The team favours US rates, while adding UK and Australian duration, and remains defensive in corporate credit. Amid inflation and growth uncertainty, broad diversification and an up-in-quality bias should support resilience.
Fund Investment Style


Source: Bloomberg Finance L.P., iFAST
Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
|
Recommended fund |
3-year Annualised return |
3-year Maximum drawdown |
3-year Downside deviation |
3-year Risk-return ratio |
|
5.4% |
-8.3% |
2.3% |
1.28 |
|
|
Peer Average |
4.2% |
-14.2% |
2.5% |
0.74 |
Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
About the Fund Managers
PIMCO’s Income Team is led by Dan Ivascyn, Alfred Murata, and Josh Anderson, all of whom are Managing Directors at PIMCO. The team is supported by teams of sector specialists to find the most attractive opportunities across every sector of fixed income markets. In addition, it is supported by a deep bench of over 80 credit analysts.
The team emphasises independent analysis when evaluating corporate credit. PIMCO does not rely on rating agency ratings; instead, its credit analysts internally rate credit-related issues. A pre-requisite for evaluating an issuer is access to management – PIMCO is one of the largest bondholders in the world and believes it has strong access to senior management across industries.

