Fund Evaluator:
PIMCO Credit Opportunities Bond Instl (PCARX)
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Fund Details
PIMCO Credit Opportunities Bond Instl Overview
PIMCO Credit Opportunities Bond Instl (PCARX) is an actively managed Taxable Bond Nontraditional Bond fund. PIMCO launched the fund in 2011.
The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund invests at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. It may invest in both investment grade and high yield securities ("junk bonds") subject to a maximum of 50% of its total assets in securities rated below B- by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.
About PIMCO Credit Opportunities Bond Instl (PCARX)
There are 4 members of the management team with an average tenure of 2.11 years: Alfred Murata (2024), Sonali Pier (2024), Jason Duko (2024), Saurabh Sud (2025). 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 ICE BofA SOFR Overnight Bid TR USD index with a weighting of 100%. PIMCO Credit Opportunities Bond Instl has 790 securities in its portfolio. The top 10 holdings constitute 113.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PIMCO Credit Opportunities Bond Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIMCO Credit Opportunities Bond Instl has 57.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.1%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 166.6% (109.5% domestic bond, 57.0% foreign bond and 0.0% convertible bond). PIMCO Credit Opportunities Bond Instl has -61.2% of the portfolio in cash.
Assets Under Management
The fund has $263 million in total assets, which is below the $663 million average for the Nontraditional Bond 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.
PCARX 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 Credit Opportunities Bond Instl expense ratio is above average compared to funds in the Nontraditional Bond category. PIMCO Credit Opportunities Bond Instl has an expense ratio of 0.65%, which is 54% lower than its category average, making the fund expense ratio grade a A. 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 Credit Opportunities Bond Instl has a portfolio turnover rate of 317%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, PIMCO Credit Opportunities Bond Instl returned -0.9%, which earned it a grade of F, as the Nontraditional Bond category had an average return of -0.2%. 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 Credit Opportunities Bond Instl has a trailing yield of 4.66%, which is below the 4.94% 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 Credit Opportunities Bond Instl Grades
Year to date, the fund has returned -1.0%, 2.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.6% over the past year (grade of D), 6.1% over the past three years (grade of C) and 3.7% per year over the past five years (grade of A) and 4.1% per year over the past 10 years (grade of A).
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PCARX 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 |
|
| PCARX Return (NAV) | -0.9% | 0.4% | 2.6% | 6.1% | 3.7% | 4.1% |
| PCARX Grade | F | C | D | C | A | A |
| +/- Category | -0.7% | 0.0% | -1.7% | 0.4% | 1.2% | 1.0% |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| PCARX Tax Cost Ratio | na | na | 1.8% | 2.0% | 1.9% | 1.7% |
PCARX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCARX Return (NAV) | -1.0% | 7.9% | 7.4% | 8.5% | -3.3% | 1.4% | 3.4% | 8.6% | -0.9% | 6.9% | 8.1% |
| PCARX Grade | F | B | B | B | B | C | D | B | C | A | B |
| +/- Category | -2.3% | 1.1% | 1.9% | 1.9% | 2.7% | 0.1% | -2.0% | 2.0% | -0.1% | 2.9% | 1.7% |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 3.4% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 0.95 - Average |
| Category Risk Grade: | C (59% Rank) |
| Beta: | 0.52 |
| R-Squared: | 75% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na Moderate Sensitivity |
| Yield: | 4.7% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $476 Mil |
| Fund Total Assets: | $ 264 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 317% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 2.1 years | |||
| Managers (Year): Murata Alfred (2024), Pier Sonali (2024), Duko Jason (2024), Sud Saurabh (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 790 |
| % in Top 10 Holdings: | 113.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 57.0% |
Portfolio Allocation |
|
| Domestic Stock: | -0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 109.5% |
| Foreign Bond: | 57.0% |
| Convertible Bond: | 0.0% |
| Other: | -5.4% |
| Cash: | -61.2% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | August 31, 2011 |
| 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 (%): | 0.65% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | PIMCO Credit Opportunities Bond Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
