Fund Evaluator:
PIMCO Real Return A (PRTNX)
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Best Performing in Inflation-Protected Bond Over the Last Year
| 11.2% | Carillon Chartwell Real Income I (BERIX) |
| 3.0% | VALIC Company I Inflation Protected (VCTPX) |
| 2.7% | T. Rowe Price Inflation Protected Bond Z (TRZHX) |
| 2.6% | Fidelity Inflation-Prot Bd Index (FIPDX) |
| 2.5% | Vanguard Inflation-Protected Secs Adm (VAIPX) |
Fund Details
PIMCO Real Return A Overview
PIMCO Real Return A (PRTNX) is an actively managed Taxable Bond Inflation-Protected Bond fund. PIMCO launched the fund in 1997.
The investment seeks maximum real return, consistent with preservation of capital and prudent investment management. The fund normally invests at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.
About PIMCO Real Return A (PRTNX)
There are 2 members of the management team with an average tenure of 3.90 years: Michael Cudzil (2025), Daniel He (2019). 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 Treasury US TIPS TR USD index with a weighting of 100%. PIMCO Real Return A has 1139 securities in its portfolio. The top 10 holdings constitute 60.3% 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 Real Return A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIMCO Real Return A has 17.7% 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 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.4% (80.7% domestic bond, 17.7% foreign bond and 0.0% convertible bond). PIMCO Real Return A has -30.4% of the portfolio in cash.
Assets Under Management
The fund has $881 million in total assets, which is above the $869 million average for the Inflation-Protected 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.
PRTNX 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 Real Return A expense ratio is high compared to funds in the Inflation-Protected Bond category. PIMCO Real Return A has an expense ratio of 0.95%, which is 30% 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 Real Return A has a portfolio turnover rate of 201%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Inflation-Protected Bond category.
Recently, in the month of July 2026, PIMCO Real Return A returned -0.8%, which earned it a grade of C, as the Inflation-Protected Bond category had an average return of -0.8%. 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 Real Return A has a trailing yield of 4.80%, which is above the 4.20% 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 Real Return A Grades
Year to date, the fund has returned 0.2%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.5% over the past year (grade of B), 3.9% over the past three years (grade of B) and 0.2% per year over the past five years (grade of B) and 2.3% per year over the past 10 years (grade of B).
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PRTNX 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 |
|
| PRTNX Return (NAV) | -0.8% | -0.8% | 2.5% | 3.9% | 0.2% | 2.3% |
| PRTNX Grade | C | A | B | B | B | B |
| +/- Category | 0.0% | 0.4% | 0.2% | 0.4% | 0.2% | 0.2% |
| Inflation-Protected Bond Avg | -0.8% | -1.2% | 2.4% | 3.4% | -0.0% | 2.1% |
| PRTNX Tax Cost Ratio | na | na | 1.9% | 1.4% | 1.8% | 1.4% |
PRTNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRTNX Return (NAV) | 0.2% | 7.7% | 2.2% | 3.3% | -12.2% | 5.3% | 11.6% | 8.1% | -2.4% | 3.5% | 4.6% |
| PRTNX Grade | D | A | B | C | C | C | B | C | F | A | B |
| +/- Category | -0.1% | 1.0% | 0.4% | -0.0% | 0.0% | 0.2% | 0.6% | 0.1% | -0.4% | 0.6% | 0.2% |
| Inflation-Protected Bond Avg | 0.2% | 6.7% | 1.8% | 3.4% | -12.3% | 5.1% | 11.1% | 8.0% | -1.9% | 2.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.98 - Above Average |
| Category Risk Grade: | D (80% Rank) |
| Beta: | 0.74 |
| R-Squared: | 86% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7795 Mil |
| Fund Total Assets: | $ 882 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 201% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): He Daniel (2019), Cudzil Michael (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 1139 |
| % in Top 10 Holdings: | 60.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 80.7% |
| Foreign Bond: | 17.7% |
| Convertible Bond: | 0.0% |
| Other: | 31.9% |
| Cash: | -30.4% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | January 29, 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 (%): | 0.73% |
| Share Class: | PIMCO Real Return Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
