Fund Evaluator:
PIMCO All Asset I2 (PALPX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
PIMCO All Asset I2 Overview
PIMCO All Asset I2 (PALPX) is an actively managed Allocation Tactical Allocation fund. PIMCO launched the fund in 2008.
The investment seeks maximum real return, consistent with preservation of real capital and prudent investment management. The fund is a "fund of funds," which is a term used to describe mutual funds that pursue their investment objective by investing in other funds. It seeks to achieve its investment objective by investing substantially all of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, or PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds. It is non-diversified.
About PIMCO All Asset I2 (PALPX)
There are 2 members of the management team with an average tenure of 13.51 years: Robert Arnott (2002), James Masturzo (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100% and Bloomberg US Trsy Infl Note 1-10Y TR USD index with a weighting of 100%. PIMCO All Asset I2 has 45 securities in its portfolio. The top 10 holdings constitute 76.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PIMCO All Asset I2 is part of the Allocation global asset class and is within the Allocation fund group. PIMCO All Asset I2 has 23.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 9.4%. There is 4.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 65.4% (46.4% domestic bond, 18.9% foreign bond and 0.0% convertible bond). PIMCO All Asset I2 has -21.5% of the portfolio in cash.
Assets Under Management
The fund has $393 million in total assets, which is above the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PALPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PIMCO All Asset I2 expense ratio is high compared to funds in the Tactical Allocation category. PIMCO All Asset I2 has an expense ratio of 1.94%, which is 10% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PIMCO All Asset I2 has a portfolio turnover rate of 48%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, PIMCO All Asset I2 returned 0.7%, which earned it a grade of A, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PIMCO All Asset I2 has a trailing yield of 7.93%, which is above the 2.86% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PIMCO All Asset I2 Grades
Year to date, the fund has returned 9.4%, 1.1 percentage points better than the category, which translates into a grade of B. The fund has returned 17.6% over the past year (grade of B), 10.0% over the past three years (grade of C) and 5.0% per year over the past five years (grade of C) and 6.7% per year over the past 10 years (grade of C).
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PALPX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PALPX Return (NAV) | 0.7% | 1.5% | 17.6% | 10.0% | 5.0% | 6.7% |
| PALPX Grade | A | C | B | C | C | C |
| +/- Category | 1.5% | 0.0% | 1.5% | -0.7% | -0.3% | 0.4% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| PALPX Tax Cost Ratio | na | na | 3.2% | 2.5% | 2.6% | 2.3% |
PALPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PALPX Return (NAV) | 9.4% | 14.5% | 4.0% | 8.4% | -11.6% | 15.4% | 8.4% | 12.1% | -5.1% | 13.8% | 13.3% |
| PALPX Grade | B | B | F | D | B | B | C | C | B | B | A |
| +/- Category | 1.1% | 1.8% | -4.9% | -2.3% | 1.5% | 2.8% | -1.8% | -1.5% | 1.1% | 0.7% | 7.7% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 7.7% |
| Total Risk Index: | 0.63 - Below Average |
| Category Risk Index: | 0.75 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 0.76 |
| R-Squared: | 86% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 7.9% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $10431 Mil |
| Fund Total Assets: | $ 394 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 48% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 24.0 years | |||
| Average Tenure: 13.5 years | |||
| Managers (Year): Arnott Robert (2002), Masturzo James (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 76.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 23.3% |
Portfolio Allocation |
|
| Domestic Stock: | 9.4% |
| Foreign Stock: | 4.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 46.4% |
| Foreign Bond: | 18.9% |
| Convertible Bond: | 0.0% |
| Other: | 42.4% |
| Cash: | -21.5% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | April 30, 2008 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.94% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | PIMCO All Asset Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
