Fund Evaluator:
PACE Strategic Fixed Income P (PCSIX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 4.1% | Diamond Hill Core Plus Bond Y (DHNYX) |
| 3.9% | Diamond Hill Core Plus Bond I (DHNIX) |
| 3.7% | Diamond Hill Core Plus Bond Investor (DHNAX) |
| 3.5% | Weitz Core Plus Income Investor (WCPNX) |
| 3.4% | Nuveen Core Plus Bond I (TCBHX) |
Fund Details
PACE Strategic Fixed Income P Overview
PACE Strategic Fixed Income P (PCSIX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. UBS Asset Management launched the fund in 1995.
The investment seeks total return consisting of income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in investment grade fixed income securities, which may be represented by derivatives or investments in securities of other investment companies that invest primarily in fixed income securities.
About PACE Strategic Fixed Income P (PCSIX)
There are 13 members of the management team with an average tenure of 6.35 years: Thanos Bardas (2015), David Brown (2015), Andrew Hofer (2022), Michael Cudzil (2022), Neil Hohmann (2022), Mohit Mittal (2021), Fred Lee (2009), Paul Kunz (2022), Adam Grotzinger (2019), Ashok Bhatia (2017), Robert Dishner (2024), Thomas Sobanski (2024), Marc Seidner (2022). 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 Govt/Credit TR USD index with a weighting of 100%. PACE Strategic Fixed Income P has 675 securities in its portfolio. The top 10 holdings constitute 33.5% 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 Strategic Fixed Income P is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PACE Strategic Fixed Income P has 25.6% 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 95.8% (70.3% domestic bond, 25.6% foreign bond and 0.1% convertible bond). PACE Strategic Fixed Income P has 4.0% of the portfolio in cash.
Assets Under Management
The fund has $386 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus 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.
PCSIX 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 Strategic Fixed Income P expense ratio is above average compared to funds in the Intermediate Core-Plus Bond category. PACE Strategic Fixed Income P has an expense ratio of 0.79%, which is 1% 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. PACE Strategic Fixed Income P has a portfolio turnover rate of 219%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 181% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, PACE Strategic Fixed Income P returned -1.3%, which earned it a grade of B, as the Intermediate Core-Plus Bond category had an average return of -1.3%. 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 Strategic Fixed Income P has a trailing yield of 5.26%, which is above the 4.36% 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 Strategic Fixed Income P Grades
Year to date, the fund has returned -0.3%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 3.1% over the past year (grade of B), 5.2% over the past three years (grade of A) and 0.6% per year over the past five years (grade of A) and 2.4% per year over the past 10 years (grade of A).
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PCSIX 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 |
|
| PCSIX Return (NAV) | -1.3% | -0.5% | 3.1% | 5.2% | 0.6% | 2.4% |
| PCSIX Grade | B | A | B | A | A | A |
| +/- Category | 0.1% | 0.2% | 0.4% | 1.0% | 0.7% | 0.6% |
| Intermediate Core-Plus Bond Avg | -1.3% | -0.7% | 2.7% | 4.2% | -0.2% | 1.8% |
| PCSIX Tax Cost Ratio | na | na | 2.1% | 2.2% | 2.0% | 1.8% |
PCSIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCSIX Return (NAV) | -0.3% | 7.9% | 3.6% | 8.0% | -13.8% | -0.7% | 9.4% | 10.4% | -1.2% | 5.5% | 4.3% |
| PCSIX Grade | B | B | A | A | C | C | B | A | D | A | C |
| +/- Category | 0.3% | 0.5% | 1.4% | 1.9% | -0.4% | -0.1% | 0.8% | 1.2% | -0.3% | 1.0% | -0.0% |
| Intermediate Core-Plus Bond Avg | -0.6% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 5.5% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (31% Rank) |
| Beta: | 0.97 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $392 Mil |
| Fund Total Assets: | $ 387 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 219% |
Management Team
| Number of Managers: 13 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Lee Fred (2009), Bardas Thanos (2015), Brown David (2015), Bhatia Ashok (2017), Grotzinger Adam (2019), Mittal Mohit (2021), Hohmann Neil (2022), Kunz Paul (2022), Hofer Andrew (2022), Cudzil Michael (2022), Seidner Marc (2022), Dishner Robert (2024), Sobanski Thomas (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 675 |
| % in Top 10 Holdings: | 33.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 25.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 70.3% |
| Foreign Bond: | 25.6% |
| Convertible Bond: | 0.1% |
| Other: | 0.0% |
| Cash: | 4.0% |
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 (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | PACE Strategic Fixed Income P |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
