Fund Evaluator:

PIMCO Global Core Asset Allocation A Overview

PIMCO Global Core Asset Allocation A (PGMAX) is an actively managed Allocation Global Moderate Allocation fund. PIMCO launched the fund in 2008.

The investment seeks total return which exceeds that of a blend of 60% MSCI All Country World Index/40% Bloomberg Global Aggregate (USD Hedged) Index. The fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "1940 Act"), Fixed Income Instruments, equity securities, forwards and derivatives. "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.

About PIMCO Global Core Asset Allocation A (PGMAX)

There are 4 members of the management team with an average tenure of 1.88 years: Brendon Shvetz (2026), Emmanuel Sharef (2019), Paul-James White (2026), Usman Ali (2026). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100%. PIMCO Global Core Asset Allocation A has 724 securities in its portfolio. The top 10 holdings constitute 153.8% 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.

PIMCO Global Core Asset Allocation A is part of the Allocation global asset class and is within the Allocation fund group. PIMCO Global Core Asset Allocation A has 96.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 6.3%. There is 60.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 78.1% (41.6% domestic bond, 36.5% foreign bond and 0.0% convertible bond). PIMCO Global Core Asset Allocation A has -69.9% of the portfolio in cash.

Assets Under Management

The fund has $107 million in total assets, which is below the $947 million average for the Global Moderate Allocation 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.

PGMAX 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 Core Asset Allocation A expense ratio is high compared to funds in the Global Moderate Allocation category. PIMCO Global Core Asset Allocation A has an expense ratio of 1.40%, which is 34% 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. PIMCO Global Core Asset Allocation A has a portfolio turnover rate of 476%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.

Recently, in the month of July 2026, PIMCO Global Core Asset Allocation A returned 0.8%, which earned it a grade of B, as the Global Moderate Allocation category had an average return of 0.3%. 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.

PIMCO Global Core Asset Allocation A has a trailing yield of 7.04%, which is above the 2.61% 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 Global Core Asset Allocation A Grades

Year to date, the fund has returned 12.8%, 4.6 percentage points better than the category, which translates into a grade of A. The fund has returned 24.1% over the past year (grade of A), 16.1% over the past three years (grade of A) and 7.5% per year over the past five years (grade of B) and 8.3% per year over the past 10 years (grade of A).

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