Source Fi Pjs1 Factsheet En
3
Bloomberg: PJS1 GR Reuters: PJS1 DE Investment objective The PIMCO Euro Enhanced Short Maturity Source ETF (the “Fund”) seeks to maximise current income consistent with the preservation of capital and a high degree of liquidity. Investor benefits • Direct access to PIMCO’s fixed income expertise • Enhanced yield potential through active management • Full transparency to underlying holdings • High liquidity with trading available throughout the day Fund overview The Fund is actively managed by PIMCO and invests primarily in short-term investment grade debt, denominated in EUR. The average portfolio duration will vary based on PIMCO’ s economic forecast and active investment process, and will not normally exceed one year . The Fund will disclose all portfolio holdings on a daily basis and will not use options, futures or swap agreements. Portfolio manager The Fund is actively managed by Andrew Bosomworth, who is head of portfolio management in PIMCO’s Munich of fice and has 16 years’ investment experience. Monthly performance commentary The Fund returned 0.13% after fees in March, outperforming EONIA and typical money market funds. As of 31 March 2011, the estimated yield to maturity was 2.16%. The Fund’s performance benefited from exposure to the corporate sectors as spreads tightened and from holdings of select ABS securities. PIMCO Euro Enhanced Short Maturity Source ETF 31 March 2011 Security Sector Weight GERMAN TR 0% 05/11/11 /EUR/ Treasury 5.0% BONOS Y O V/R 10/29/12 /EUR/ T reasury 4.1% CERT DI C 0% 02/29/12 /EUR/ Treasury 4.1% LLOYDS TSB 3.75% 11/17/11 /EUR/ Agency 3.2% CREDIT AG V/R 02/19/13 /EUR/ Corporate 3.2% Top 5 holdings 0-3 MO 3-6 MO 6-12 MO 1-2 Yrs 2-3 Yrs 3+ Yrs 50% 30% 40% 20% 10% 38% 7% 43% 11% 0% 0% 0% Ef fective duration (yrs): 0.53 Ef fective maturity (yrs): 0.55 Covered Bonds, 45.0% Corporates, 18.0% Agency/Supra, 14.0% Government, 14.0% ABS, 7.0% Cash & Other, 2.0% Sector diversification AAA, 68.5% AA+, 3.7% AA-, 0.3% AA, 4.2% A+, 6.0% A-, 3.5% A, 5.5% BBB+, 2.3% BBB, 3.4% BBB-, 2.3% Cash & Other, 0.4% S&P ratings breakdown Ratings are sourced from Bloomberg, as at 13 April 2011. Where security does not have an S&P rating, the equivalent Moody’s or Fitch rating has been used. Maturity breakdown Data: PIMCO, as at 31 March 2011. Effective duration is a way to measure the portfolio’s sensitivity to changes in interest rates. Effective maturity is a weighted average time to maturity of the securities in the portfolio, taking into account the likelihood of early redemption. Portfolio composition Number of holdings: 71
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Transcript of Source Fi Pjs1 Factsheet En
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Bloomberg: PJS1 GR
Reuters: PJS1 DE
Investment objective
The PIMCO Euro Enhanced Short Maturity Source ETF (the “Fund”)
seeks to maximise current income consistent with the preservation of
capital and a high degree of liquidity.
Investor benefits
• Direct access to PIMCO’s fixed income expertise
• Enhanced yield potential through active management
• Full transparency to underlying holdings
• High liquidity with trading available throughout the day
Fund overview
The Fund is actively managed by PIMCO and invests primarily in
short-term investment grade debt, denominated in EUR. The averageportfolio duration will vary based on PIMCO’s economic forecast and
active investment process, and will not normally exceed one year.
The Fund will disclose all portfolio holdings on a daily basis and will not
use options, futures or swap agreements.
Portfolio manager
The Fund is actively managed by Andrew Bosomworth, who is head of
portfolio management in PIMCO’s Munich of fice and has 16 years’
investment experience.
Monthly performance commentary
The Fund returned 0.13% after fees in March, outperforming EONIA and
typical money market funds. As of 31 March 2011, the estimated yield
to maturity was 2.16%. The Fund’s performance benefited from
exposure to the corporate sectors as spreads tightened and from
holdings of select ABS securities.
PIMCO Euro Enhanced ShortMaturity Source ETF
31 March 2011
Security Sector Weight
GERMAN TR 0% 05/11/11 /EUR/ Treasury 5.0%
BONOS Y O V/R 10/29/12 /EUR/ Treasury 4.1%
CERT DI C 0% 02/29/12 /EUR/ Treasury 4.1%
LLOYDS TSB 3.75% 11/17/11 /EUR/ Agency 3.2%
CREDIT AG V/R 02/19/13 /EUR/ Corporate 3.2%
Top 5 holdings
0-3
MO
3-6
MO
6-12
MO
1-2
Yrs
2-3
Yrs
3+
Yrs
50%
30%
40%
20%
10%
38%
7%
43%
11%
0% 0%0%
Effective duration (yrs): 0.53
Effective maturity (yrs): 0.55
Covered Bonds, 45.0%
Corporates, 18.0%
Agency/Supra, 14.0%
Government, 14.0%
ABS, 7.0%
Cash & Other, 2.0%
Sector diversification
AAA, 68.5%
AA+, 3.7%
AA-, 0.3%
AA, 4.2%
A+, 6.0%
A-, 3.5%
A, 5.5%
BBB+, 2.3%
BBB, 3.4%
BBB-, 2.3%
Cash & Other, 0.4%
S&P ratings breakdown
Ratings are sourced from Bloomberg, as at 13 April 2011. Where security does not have
an S&P rating, the equivalent Moody’s or Fitch rating has been used.
Maturity breakdown
Data: PIMCO, as at 31 March 2011. Effective duration is a way to measure the portfolio’s
sensitivity to changes in interest rates. Effective maturity is a weighted average time to
maturity of the securities in the portfolio, taking into account the likelihood of early redemption.
Portfolio composition
Number of holdings: 71
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PIMCO Source ETFs
PIMCO Source ETFs are open-ended funds that can be created or redeemed
daily. They are traded and settled both OTC and on exchange and have
market maker support, providing liquidity and robust bid-offer spreads.
PIMCO Source ETFs invest physically. The securities selected by the
portfolio manager are purchased by PIMCO on behalf of the Fund and
held in custody by Brown Brothers Harriman & Co. The NAV of the Fund
directly reflects the assets held in custody. This procedure is the same
whether the Fund is managed actively or passively.
About Source
Source is a specialist provider of ETPs with a unique approach and deep
roots in the trading community. Our partners include PIMCO, BofA Merrill
Lynch, Credit Suisse, Goldman Sachs, J.P. Morgan, Jane Street, Morgan
Stanley, Nomura, Nyenburgh, Baader Bank, Banca IMI, BNP, Commerzbank,
DekaBank, Euro Invest Bank, Exane, Flow Traders, HSBC, IMC, Knight
Capital, LaBranche, Man GLG, Newedge, Optiver, RBS, SG Securities and
UniCredit. Together, we recognise the value in creating a new, common
standard for ETPs. Source’s open architecture, multi-partner approach taps
into this opportunity, delivering enhanced liquidity and increased transparency.
Source is one of the fastest growing ETF providers in Europe, having
raised over US$ 8.5 billion and having more than US$ 200 billion tradedin its products since launch in April 20091.
About PIMCO
PIMCO is a global investment solutions provider, focused on managing
risk and delivering returns for its clients. Founded in 1971 in Newport
Beach, California, the firm now has assets under management of over
US$ 1.2 trillion2. The firm manages retirement and other assets that reach
millions of people around the world. Its institutional clients include pension
funds, central banks, corporations, financial advisors, foundations and
endowments. PIMCO is renowned for its thought leadership and its 40
years of expertise in managing innovative fixed income strategies. Its
investment process produces both secular (three to five year) and cyclical
(short-term) macroeconomic views, which are combined with in-depth,
bottom-up credit research and risk management.
Disclaimer information
This factsheet contains information about the PIMCO Source ETFs product range (each a “Fund” and
collectively, the “Funds”). It is for discussion purposes only and is not for distribution to, or for the attention
of, US or Canadian persons. This factsheet 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 relevant prospectus (including any
supplements or simplified prospectuses thereto) documenting the issue of shares by the Funds can be
downloaded from www.source.info. Without limitation, this factsheet does not constitute an offer or a
recommendation to enter into any transaction. When making an investment decision, an investor should
rely solely on the final documentation and any prospectus relating to the transaction and not the information
contained in this factsheet. Investment strategies involve numerous risks. Investors should consult their ownbusiness, tax, legal and accounting advisors with respect to a purchase of shares and should refrain from
entering into any transaction unless they have fully understood the associated risks and have independently
determined that the transaction is appropriate for them. In no way should Source UK Services Limited or
PIMCO Europe Limited be deemed to be holding themselves out as financial advisers or fiduciaries of the
recipient hereof.
Risk factors
The investments of the Funds in securities are subject to normal market fluctuations and other risks inherent
in investing in securities. The value of investments and the income from them, and therefore the value of
and income from shares relating to each Fund can go down as well as up and an investor may not get back
the amount invested. Changes in exchange rates between currencies or the conversion from one currency
to another may also cause the value of the investments to diminish or increase. There is no assurance that
any Fund will achieve its investment objective. Past performance is not a guarantee or a reliable indicator of
future results. The value of most bond funds and fixed income securities are impacted by changes in interest
rates and the risk that the manager’s investment decisions might not produce the desired results. Bonds and
bond fund investments with longer durations tend to be more sensitive and more volatile than securities with
shorter durations; bond prices generally fall as interest rates rise. The Funds may use derivative techniques
for hedging purposes or as part of its investment strategy. While the prudent use of such derivatives can be
beneficial, use of derivatives may involve certain costs and r isks.
This document has been communicated by Source UK Services Limited, 14th Floor, One Angel Court,
London EC2R 7HJ, authorised and regulated by the Financial Services Authority.
© 2011 Source UK Services Limited. All rights reserved.
Issuer: PIMCO Fixed Income Source ETFs plc
Manager: PIMCO Global Advisors (Ireland) Limited
Investment advisor: PIMCO Europe Limited
Custodian: Brown Brothers Harriman & Co
Fund inception date: 11 January 2011
Management fee:0.35% per annum, accrued daily, paid
monthly
Distribution treatment: Declared and distributed monthly
Open-ended Yes
UCITS III compliant: YesDomicile: Ireland
Benchmark Index: EONIA
Fund information
Bloomberg: PJS1 GR
Bloomberg (iNAV): PJS1IN <Equity>
Reuters: PJS1.DE
Reuters (iNAV): PJS1iv.OQ
Trading currency: EUR
Listing
Exchanges: Deutsche Börse
Trading: 09:00 - 17:30 Frankfurt time
Settlement: T+2
Minimum investment: 1 Share
Base currency: EUR
ISIN: IE00B5ZR2157
Trading information
[email protected] T. +44 (0)20 3370 1100
BofA Merrill Lynch
T. +44 (0)20 7996 1034
Goldman Sachs T. +44 (0)20 7774 5731
J.P. Morgan T. +44 (0)20 7779 2383
Jane Street T. +44 (0) 20 3100 3400
Morgan Stanley T. +44 (0)20 7425 6362
Nomura T. +44 (0)20 7103 8655
Nyenburgh
Nyenburgh
T. +31 (0)20 607 5065
Other 17 market makers. For more info please visit www.source.info
Contact information - Source
Contact information - Authorised participants
Contact information - Market makers
1 As at 31 March 2011 2 As at 31 December 2010
