Fund Evaluator:
PIMCO High Yield A (PHDAX)
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Fund Details
PIMCO High Yield A Overview
PIMCO High Yield A (PHDAX) is an actively managed Taxable Bond High Yield Bond fund. PIMCO launched the fund in 1997.
The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund invests at least 80% of its assets in high yield investments ("junk bonds"), which may be represented by forwards or derivatives. It may invest up to 20% of its total assets in securities rated Caa or below by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.
About PIMCO High Yield A (PHDAX)
There are 3 members of the management team with an average tenure of 4.61 years: Sonali Pier (2019), Jason Duko (2023), David Forgash (2023). 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 ICE BofA BB-B US HY Constnd TR USD index with a weighting of 100%. PIMCO High Yield A has 839 securities in its portfolio. The top 10 holdings constitute 34.5% 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.
PIMCO High Yield A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIMCO High Yield A has 12.2% 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 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 117.6% (105.4% domestic bond, 12.2% foreign bond and 0.0% convertible bond). PIMCO High Yield A has -17.8% of the portfolio in cash.
Assets Under Management
The fund has $378 million in total assets, which is below the $545 million average for the High Yield 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.
PHDAX 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 High Yield A expense ratio is high compared to funds in the High Yield Bond category. PIMCO High Yield A has an expense ratio of 0.95%, which is 3% 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 High Yield A has a portfolio turnover rate of 79%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, PIMCO High Yield A returned -0.3%, which earned it a grade of D, as the High Yield Bond 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 High Yield A has a trailing yield of 6.16%, which is below the 6.28% 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 High Yield A Grades
Year to date, the fund has returned 0.7%, 0.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.5% over the past year (grade of C), 7.1% over the past three years (grade of D) and 3.2% per year over the past five years (grade of D) and 4.5% per year over the past 10 years (grade of D).
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PHDAX 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 |
|
| PHDAX Return (NAV) | -0.3% | 0.2% | 4.5% | 7.1% | 3.2% | 4.5% |
| PHDAX Grade | D | D | C | D | D | D |
| +/- Category | -0.0% | -0.3% | -0.3% | -0.4% | -0.5% | -0.3% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| PHDAX Tax Cost Ratio | na | na | 2.4% | 2.4% | 2.3% | 2.1% |
PHDAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PHDAX Return (NAV) | 0.7% | 8.2% | 6.4% | 12.4% | -11.1% | 3.7% | 5.0% | 14.5% | -2.8% | 6.6% | 12.3% |
| PHDAX Grade | F | C | F | C | D | D | C | B | C | C | D |
| +/- Category | -0.9% | 0.3% | -1.2% | 0.5% | -1.1% | -1.4% | -0.3% | 1.5% | -0.2% | -0.1% | -1.1% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 1.05 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 0.64 |
| R-Squared: | 73% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 6.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7271 Mil |
| Fund Total Assets: | $ 379 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 79% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.0 years | |||
| Average Tenure: 4.6 years | |||
| Managers (Year): Pier Sonali (2019), Forgash David (2023), Duko Jason (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 839 |
| % in Top 10 Holdings: | 34.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 105.4% |
| Foreign Bond: | 12.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -17.8% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | January 13, 1997 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | PIMCO High Yield Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
