Fund Evaluator:
PIMCO Mortgage Opportunities and Bd C (PMZCX)
Follow This Fund
Best Performing in Securitized Bond - Diversified Over the Last Year
| 7.6% | Putnam Mortgage Opportunities Y (PMOYX) |
| 7.2% | Putnam Mortgage Securities Y (PUSYX) |
| 5.0% | Medlst MBS Ttl Rtn Inv (SEMPX) |
| 4.5% | Diamond Hill Short Dur Securitized BdInv (DHEAX) |
| 4.4% | Payden Securitized Income Investor (PYSFX) |
Fund Details
PIMCO Mortgage Opportunities and Bd C Overview
PIMCO Mortgage Opportunities and Bd C (PMZCX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. PIMCO launched the fund in 2012.
The investment seeks maximum long-term return, consistent with prudent investment management. The fund seeks to achieve its investment objective by investing at least 80% of its assets in a portfolio of mortgage-related assets, including, but not limited to Agency residential and commercial mortgage-backed securities and private label residential and commercial MBS, and of Fixed Income Instruments, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.
About PIMCO Mortgage Opportunities and Bd C (PMZCX)
There are 5 members of the management team with an average tenure of 10.67 years: Jing Yang (2018), Alfred Murata (2012), Daniel Hyman (2012), Munish Gupta (2022), Joshua Anderson (2012). 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 SOFR Overnight Rate TR USD index with a weighting of 100%. PIMCO Mortgage Opportunities and Bd C has 3581 securities in its portfolio. The top 10 holdings constitute 52.1% 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 Mortgage Opportunities and Bd C is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIMCO Mortgage Opportunities and Bd C has 5.2% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 187.4% (182.1% domestic bond, 5.2% foreign bond and 0.0% convertible bond). PIMCO Mortgage Opportunities and Bd C has -87.4% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified 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.
PMZCX 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 Mortgage Opportunities and Bd C expense ratio is high compared to funds in the Securitized Bond - Diversified category. PIMCO Mortgage Opportunities and Bd C has an expense ratio of 2.83%, which is 186% higher than its category average, making the fund expense ratio grade a F. 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 Mortgage Opportunities and Bd C has a portfolio turnover rate of 1004%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, PIMCO Mortgage Opportunities and Bd C returned -1.0%, which earned it a grade of C, as the Securitized Bond - Diversified category had an average return of -0.7%. 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 Mortgage Opportunities and Bd C has a trailing yield of 4.54%, which is below the 5.10% 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 Mortgage Opportunities and Bd C Grades
Year to date, the fund has returned -0.3%, 1.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.1% over the past year (grade of F), 4.7% over the past three years (grade of D) and 1.6% per year over the past five years (grade of C) and 2.3% per year over the past 10 years (grade of C).
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 Mortgage Opportunities and Bd C, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PMZCX 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 |
|
| PMZCX Return (NAV) | -1.0% | -0.7% | 3.1% | 4.7% | 1.6% | 2.3% |
| PMZCX Grade | C | D | F | D | C | C |
| +/- Category | -0.2% | -0.7% | -1.5% | -1.5% | -0.5% | -0.3% |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| PMZCX Tax Cost Ratio | na | na | 1.8% | 2.2% | 2.1% | 1.7% |
PMZCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMZCX Return (NAV) | -0.3% | 7.3% | 4.5% | 5.7% | -7.9% | 0.9% | 4.2% | 3.8% | 0.4% | 4.3% | 3.7% |
| PMZCX Grade | F | D | D | D | B | C | B | F | D | C | B |
| +/- Category | -1.3% | -0.8% | -1.3% | -0.9% | 1.4% | -0.9% | 2.9% | -3.3% | -1.5% | 0.1% | 0.7% |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 3.7% |
| Total Risk Index: | 0.30 - Low |
| Category Risk Index: | 0.82 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 0.62 |
| R-Squared: | 91% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $13610 Mil |
| Fund Total Assets: | $ 48 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 1004% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 13.8 years | |||
| Average Tenure: 10.7 years | |||
| Managers (Year): Murata Alfred (2012), Hyman Daniel (2012), Anderson Joshua (2012), Yang Jing (2018), Gupta Munish (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 3581 |
| % in Top 10 Holdings: | 52.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 182.1% |
| Foreign Bond: | 5.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -87.4% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | October 22, 2012 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 2.83% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | PIMCO Mortgage Opportunities and BdInstl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
