Fund Evaluator:

PIMCO Inverse Stocks PLUS Bd Alp I-2 Overview

PIMCO Inverse Stocks PLUS Bd Alp I-2 (PSPLX) is an actively managed Miscellaneous Trading--Inverse Equity fund. PIMCO launched the fund in 2010.

The investment seeks total return through the implementation of short investment positions on the S&P 500 Index. The fund seeks to achieve its investment objective by investing primarily in short positions with respect to the S&P 500 Index (the "index") or specific index securities, backed by a portfolio of Fixed Income Instruments. "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 Inverse Stocks PLUS Bd Alp I-2 (PSPLX)

There are 4 members of the management team with an average tenure of 5.64 years: Jing Yang (2018), Daniel Hyman (2025), Bryan Tsu (2018), Marc Seidner (2021). 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 Inverse of S&P 500 Index index with a weighting of 100%. PIMCO Inverse Stocks PLUS Bd Alp I-2 has 1064 securities in its portfolio. The top 10 holdings constitute 220.0% 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 Inverse Stocks PLUS Bd Alp I-2 is part of the Other global asset class and is within the Miscellaneous fund group. PIMCO Inverse Stocks PLUS Bd Alp I-2 has 38.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -99.4%. 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 89.1% (50.1% domestic bond, 39.0% foreign bond and 0.0% convertible bond). PIMCO Inverse Stocks PLUS Bd Alp I-2 has 98.5% of the portfolio in cash.

Assets Under Management

The fund has $49 million in total assets, which is above the $5 million average for the Trading--Inverse Equity 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.

PSPLX 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 Inverse Stocks PLUS Bd Alp I-2 expense ratio is high compared to funds in the Trading--Inverse Equity category. PIMCO Inverse Stocks PLUS Bd Alp I-2 has an expense ratio of 0.83%, which is 58% lower than its category average, making the fund expense ratio grade a A. 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 Inverse Stocks PLUS Bd Alp I-2 has a portfolio turnover rate of 995%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 432% for the Trading--Inverse Equity category.

Recently, in the month of July 2026, PIMCO Inverse Stocks PLUS Bd Alp I-2 returned 0.2%, which earned it a grade of D, as the Trading--Inverse Equity category had an average return of 2.2%. 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 Inverse Stocks PLUS Bd Alp I-2 has a trailing yield of 0.90%, which is below the 6.77% 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 Inverse Stocks PLUS Bd Alp I-2 Grades

Year to date, the fund has returned -6.2%, 8.0 percentage points better than the category, which translates into a grade of A. The fund has returned -9.1% over the past year (grade of A), -8.6% over the past three years (grade of A) and -6.5% per year over the past five years (grade of A) and -10.3% per year over the past 10 years (grade of A).

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