Fund Evaluator:
PIMCO RAE US Small A (PMJAX)
Follow This Fund
Best Performing in Small Value Over the Last Year
| 44.7% | Bridgeway Omni Small-Cap Value N (BOSVX) |
| 43.3% | PGIM Quant Solutions Small-Cap Val Z (TASVX) |
| 42.5% | Goldman Sachs Small Cp Val Insghts Inv (GTTTX) |
| 40.5% | Auer Growth (AUERX) |
| 39.9% | Heartland Value Investor (HRTVX) |
Fund Details
PIMCO RAE US Small A Overview
PIMCO RAE US Small A (PMJAX) is an actively managed U.S. Equity Small Value fund. PIMCO launched the fund in 2015.
The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in securities of small companies economically tied to the United States. Specifically, under normal circumstances, the fund will obtain exposure to a portfolio of stocks of small U.S. companies. The stocks are selected by the fund's sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements.
About PIMCO RAE US Small A (PMJAX)
There are 2 members of the management team with an average tenure of 6.00 years: Robert Arnott (2015), Jim Masturzo (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 Russell 2000 TR USD index with a weighting of 100%. PIMCO RAE US Small A has 274 securities in its portfolio. The top 10 holdings constitute 20.5% 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 RAE US Small A is part of the Equity global asset class and is within the U.S. Equity fund group. PIMCO RAE US Small A has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.8%. There is 0.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PIMCO RAE US Small A has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $301 million in total assets, which is below the $417 million average for the Small Value 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.
PMJAX 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 RAE US Small A expense ratio is high compared to funds in the Small Value category. PIMCO RAE US Small A has an expense ratio of 0.90%, which is 23% lower than its category average, making the fund expense ratio grade a B. 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 RAE US Small A has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 128% for the Small Value category.
Recently, in the month of July 2026, PIMCO RAE US Small A returned -1.0%, which earned it a grade of D, as the Small Value category had an average return of -0.4%. 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 RAE US Small A has a trailing yield of 0.84%, which is above the 0.77% category average. The fund normally distributes its income annually 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 RAE US Small A Grades
Year to date, the fund has returned 19.5%, 0.7 percentage points worse than the category, which translates into a grade of C. The fund has returned 33.8% over the past year (grade of C), 17.9% over the past three years (grade of A) and 13.0% per year over the past five years (grade of A) and 13.1% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about PIMCO RAE US Small A, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PMJAX 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 |
|
| PMJAX Return (NAV) | -1.0% | 6.8% | 33.8% | 17.9% | 13.0% | 13.1% |
| PMJAX Grade | D | C | C | A | A | A |
| +/- Category | -0.7% | 0.4% | 3.2% | 4.5% | 3.9% | 3.2% |
| Small Value Avg | -0.4% | 6.4% | 30.6% | 13.4% | 9.1% | 9.9% |
| PMJAX Tax Cost Ratio | na | na | 1.1% | 0.9% | 3.6% | 2.6% |
PMJAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMJAX Return (NAV) | 19.5% | 5.9% | 21.5% | 19.7% | -5.1% | 39.8% | 6.4% | 19.8% | -12.0% | 8.8% | 26.7% |
| PMJAX Grade | C | C | A | A | A | A | B | F | B | D | B |
| +/- Category | -0.7% | -0.7% | 11.8% | 3.9% | 5.2% | 9.5% | 2.4% | -3.2% | 2.7% | -1.4% | 2.0% |
| Small Value Avg | 20.1% | 6.6% | 9.7% | 15.8% | -10.3% | 30.3% | 4.1% | 23.0% | -14.7% | 10.2% | 24.7% |
| Risk Measures | |
| Standard Deviation: | 17.0% |
| Total Risk Index: | 1.38 - High |
| Category Risk Index: | 0.94 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.98 |
| R-Squared: | 57% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3789 Mil |
| Fund Total Assets: | $ 301 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 59% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.3 years | |||
| Average Tenure: 6.0 years | |||
| Managers (Year): Arnott Robert (2015), Masturzo Jim (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 274 |
| % in Top 10 Holdings: | 20.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 98.8% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | June 5, 2015 |
| 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 (%): | 0.90% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.17% |
| Share Class: | PIMCO RAE US Small Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
