Fund Evaluator:
PIMCO Global Bond Opps (USD-Hdg)C (PCIIX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
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| 2.6% | Janus Henderson Developed World Bond D (HFADX) |
| 2.5% | Goldman Sachs Global Core Fxd Inc Inv (GBIRX) |
Fund Details
PIMCO Global Bond Opps (USD-Hdg)C Overview
PIMCO Global Bond Opps (USD-Hdg)C (PCIIX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. PIMCO launched the fund in 1995.
The investment seeks maximum total return, consistent with preservation of capital. The fund normally invests at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. It normally invests at least 25% of its net assets in instruments that are economically tied to foreign (non-U.S.) countries. The fund may invest, without limitation, in derivative instruments. It is non-diversified.
About PIMCO Global Bond Opps (USD-Hdg)C (PCIIX)
There are 3 members of the management team with an average tenure of 11.85 years: Andrew Balls (2014), Lorenzo Pagani (2014), Sachin Gupta (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100%. PIMCO Global Bond Opps (USD-Hdg)C has 1591 securities in its portfolio. The top 10 holdings constitute 82.0% 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 Global Bond Opps (USD-Hdg)C is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIMCO Global Bond Opps (USD-Hdg)C has 105.4% 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 205.1% (99.6% domestic bond, 105.4% foreign bond and 0.0% convertible bond). PIMCO Global Bond Opps (USD-Hdg)C has -105.1% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
PCIIX 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 Global Bond Opps (USD-Hdg)C expense ratio is high compared to funds in the Global Bond-USD Hedged category. PIMCO Global Bond Opps (USD-Hdg)C has an expense ratio of 1.71%, which is 135% 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. PIMCO Global Bond Opps (USD-Hdg)C has a portfolio turnover rate of 717%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 195% for the Global Bond-USD Hedged category.
Recently, in the month of July 2026, PIMCO Global Bond Opps (USD-Hdg)C returned -0.8%, which earned it a grade of B, as the Global Bond-USD Hedged category had an average return of -1.1%. 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 Global Bond Opps (USD-Hdg)C has a trailing yield of 4.59%, which is above the 3.99% 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.
PIMCO Global Bond Opps (USD-Hdg)C Grades
Year to date, the fund has returned -1.0%, 1.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.9% over the past year (grade of A), 4.9% over the past three years (grade of A) and 1.7% per year over the past five years (grade of A) and 2.0% per year over the past 10 years (grade of B).
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PCIIX 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 |
|
| PCIIX Return (NAV) | -0.8% | 0.7% | 2.9% | 4.9% | 1.7% | 2.0% |
| PCIIX Grade | B | A | A | A | A | B |
| +/- Category | 0.3% | 0.5% | 0.5% | 0.5% | 1.4% | 0.2% |
| Global Bond-USD Hedged Avg | -1.1% | 0.2% | 2.3% | 4.4% | 0.4% | 1.8% |
| PCIIX Tax Cost Ratio | na | na | 1.8% | 1.4% | 1.5% | 1.1% |
PCIIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCIIX Return (NAV) | -1.0% | 8.1% | 3.7% | 6.0% | -6.4% | -1.6% | 6.1% | 5.6% | -1.6% | 3.2% | 5.0% |
| PCIIX Grade | F | A | C | F | A | C | C | F | F | D | C |
| +/- Category | -1.1% | 2.9% | 0.3% | -1.9% | 5.6% | 0.1% | -0.6% | -3.0% | -1.6% | -1.1% | 0.5% |
| Global Bond-USD Hedged Avg | 0.1% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 0.94 - Below Average |
| Category Risk Grade: | B (34% Rank) |
| Beta: | 0.66 |
| R-Squared: | 79% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1968 Mil |
| Fund Total Assets: | $ 5 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 717% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.9 years | |||
| Average Tenure: 11.9 years | |||
| Managers (Year): Balls Andrew (2014), Pagani Lorenzo (2014), Gupta Sachin (2014) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 1591 |
| % in Top 10 Holdings: | 82.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 105.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.6% |
| Foreign Bond: | 105.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -105.1% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | October 2, 1995 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.71% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | PIMCO Global Bond Opps (USD-Hdg) A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
