Fund Evaluator:

PIMCO Commodity and Real Ret Bd Alp I-3 Overview

PIMCO Commodity and Real Ret Bd Alp I-3 (PCRNX) is an actively managed Commodities Commodities Broad Basket fund. PIMCO launched the fund in 2018.

The investment seeks maximum real return, consistent with prudent investment management. The fund seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. It may also invest in leveraged or unleveraged commodity index-linked notes.

About PIMCO Commodity and Real Ret Bd Alp I-3 (PCRNX)

There are 4 members of the management team with an average tenure of 3.64 years: Michael Cudzil (2025), Andrew Dewitt (2022), Greg Sharenow (2018), Daniel He (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. PIMCO Commodity and Real Ret Bd Alp I-3 has 785 securities in its portfolio. The top 10 holdings constitute 106.9% 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 Commodity and Real Ret Bd Alp I-3 is part of the Real Assets global asset class and is within the Commodities fund group. PIMCO Commodity and Real Ret Bd Alp I-3 has 23.1% 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 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.5% (76.4% domestic bond, 23.1% foreign bond and 0.0% convertible bond). PIMCO Commodity and Real Ret Bd Alp I-3 has -64.2% of the portfolio in cash.

Assets Under Management

The fund has $51 million in total assets, which is below the $481 million average for the Commodities Broad Basket 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.

PCRNX 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 Commodity and Real Ret Bd Alp I-3 expense ratio is high compared to funds in the Commodities Broad Basket category. PIMCO Commodity and Real Ret Bd Alp I-3 has an expense ratio of 1.05%, which is 5% lower than its category average, making the fund expense ratio grade a C. 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 Commodity and Real Ret Bd Alp I-3 has a portfolio turnover rate of 224%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the Commodities Broad Basket category.

Recently, in the month of July 2026, PIMCO Commodity and Real Ret Bd Alp I-3 returned 7.1%, which earned it a grade of C, as the Commodities Broad Basket category had an average return of 6.9%. 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 Commodity and Real Ret Bd Alp I-3 has a trailing yield of 11.70%, which is above the 9.29% category average. The fund normally distributes its income quarterly.

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 Commodity and Real Ret Bd Alp I-3 Grades

Year to date, the fund has returned 21.6%, 0.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 35.4% over the past year (grade of C), 12.8% over the past three years (grade of C) and 9.6% per year over the past five years (grade of D) and 7.7% per year over the past 10 years (grade of B).

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