Fund Evaluator:
PACE Mort-Backed Secs Fxd Inc Invests P (PCGTX)
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Fund Details
PACE Mort-Backed Secs Fxd Inc Invests P Overview
PACE Mort-Backed Secs Fxd Inc Invests P (PCGTX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. UBS Asset Management launched the fund in 1995.
The investment seeks current income. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in a diversified portfolio of mortgage-related fixed income instruments, including mortgage-backed securities (including mortgage pass-through securities and collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, "to be announced" (or "TBA") securities and mortgage dollar rolls).
About PACE Mort-Backed Secs Fxd Inc Invests P (PCGTX)
There are 3 members of the management team with an average tenure of 14.37 years: Daniel Hyman (2013), Michael Cudzil (2013), Fred Lee (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US MBS TR USD index with a weighting of 100%. PACE Mort-Backed Secs Fxd Inc Invests P has 1141 securities in its portfolio. The top 10 holdings constitute 66.8% 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.
PACE Mort-Backed Secs Fxd Inc Invests P is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PACE Mort-Backed Secs Fxd Inc Invests P has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.0%. 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 110.9% (110.6% domestic bond, 0.4% foreign bond and 0.0% convertible bond). PACE Mort-Backed Secs Fxd Inc Invests P has -10.9% of the portfolio in cash.
Assets Under Management
The fund has $145 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified 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.
PCGTX 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 PACE Mort-Backed Secs Fxd Inc Invests P expense ratio is high compared to funds in the Securitized Bond - Diversified category. PACE Mort-Backed Secs Fxd Inc Invests P has an expense ratio of 1.72%, which is 74% higher than its category average, making the fund expense ratio grade a F. 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. PACE Mort-Backed Secs Fxd Inc Invests P has a portfolio turnover rate of 945%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, PACE Mort-Backed Secs Fxd Inc Invests P returned -1.4%, which earned it a grade of F, as the Securitized Bond - Diversified category had an average return of -0.7%. 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.
PACE Mort-Backed Secs Fxd Inc Invests P has a trailing yield of 4.63%, which is below the 5.10% category average. The fund normally distributes its income monthly 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.
PACE Mort-Backed Secs Fxd Inc Invests P Grades
Year to date, the fund has returned 1.8%, 0.8 percentage points better than the category, which translates into a grade of B. The fund has returned 6.5% over the past year (grade of A), 4.9% over the past three years (grade of D) and 0.2% per year over the past five years (grade of D) and 1.5% per year over the past 10 years (grade of D).
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PCGTX 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 |
|
| PCGTX Return (NAV) | -1.4% | -1.0% | 6.5% | 4.9% | 0.2% | 1.5% |
| PCGTX Grade | F | F | A | D | D | D |
| +/- Category | -0.7% | -1.0% | 2.0% | -1.3% | -1.9% | -1.1% |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| PCGTX Tax Cost Ratio | na | na | 1.9% | 2.0% | 1.8% | 1.6% |
PCGTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCGTX Return (NAV) | 1.8% | 8.8% | 1.0% | 5.1% | -13.5% | -0.6% | 5.8% | 6.5% | 0.2% | 2.8% | 2.1% |
| PCGTX Grade | B | B | F | D | D | D | B | C | D | D | C |
| +/- Category | 0.8% | 0.7% | -4.8% | -1.5% | -4.1% | -2.4% | 4.4% | -0.6% | -1.7% | -1.4% | -0.9% |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 7.1% |
| Total Risk Index: | 0.58 - Below Average |
| Category Risk Index: | 1.57 - High |
| Category Risk Grade: | F (81% Rank) |
| Beta: | 1.23 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $158 Mil |
| Fund Total Assets: | $ 145 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 945% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 14.4 years | |||
| Managers (Year): Lee Fred (2009), Hyman Daniel (2013), Cudzil Michael (2013) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 1141 |
| % in Top 10 Holdings: | 66.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | -0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 110.6% |
| Foreign Bond: | 0.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -10.9% |
Purchase Information
| Fund Family: | UBS Asset Management |
| Phone Number: | 800-647-1568 |
| Website: | www.ubs.com |
| Status: | Open |
| Inception Date: | August 24, 1995 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $10,000 |
| 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 (%): | 1.72% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | PACE Mort-Backed Secs Fxd Inc Invests P |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
