Fund Evaluator:
PIMCO Short-Term Instl (PTSHX)
Follow This Fund
Best Performing in Ultrashort Bond Over the Last Year
| 5.1% | Medlst Shrt Dur Inv (SEMRX) |
| 4.6% | T. Rowe Price Ultra Short-Term Bond Z (TRZWX) |
| 4.3% | Western Asset Ultra-Short Income A (ARMZX) |
| 4.2% | Touchstone Ultra Short Dur F/I Y (TSYYX) |
| 4.2% | PIMCO Short Asset Investment A (PAIAX) |
Fund Details
PIMCO Short-Term Instl Overview
PIMCO Short-Term Instl (PTSHX) is an actively managed Taxable Bond Ultrashort Bond fund. PIMCO launched the fund in 1987.
The investment seeks maximum current income, consistent with preservation of capital and daily liquidity. The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "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 Short-Term Instl (PTSHX)
There are 3 members of the management team with an average tenure of 7.86 years: Jerome Schneider (2011), Michael Cudzil (2026), Nathan Chiaverini (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 FTSE Treasury Bill 3 Mon USD index with a weighting of 100%. PIMCO Short-Term Instl has 1337 securities in its portfolio. The top 10 holdings constitute 70.4% 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 Short-Term Instl is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PIMCO Short-Term Instl has 56.7% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 123.9% (67.2% domestic bond, 56.7% foreign bond and 0.0% convertible bond). PIMCO Short-Term Instl has -23.9% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $969 million average for the Ultrashort 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.
PTSHX 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 Short-Term Instl expense ratio is average compared to funds in the Ultrashort Bond category. PIMCO Short-Term Instl has an expense ratio of 0.53%, which is 18% 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 Short-Term Instl has a portfolio turnover rate of 124%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Ultrashort Bond category.
Recently, in the month of August 2026, PIMCO Short-Term Instl returned 0.3%, which earned it a grade of C, as the Ultrashort 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 Short-Term Instl has a trailing yield of 4.27%, which is above the 4.16% 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 Short-Term Instl Grades
Year to date, the fund has returned 3.1%, 0.7 percentage points better than the category, which translates into a grade of A. The fund has returned 4.7% over the past year (grade of A), 5.5% over the past three years (grade of A) and 4.0% per year over the past five years (grade of A) and 3.1% 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 Short-Term Instl, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PTSHX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PTSHX Return (NAV) | 0.3% | 1.1% | 4.7% | 5.5% | 4.0% | 3.1% |
| PTSHX Grade | C | A | A | A | A | A |
| +/- Category | 0.0% | 0.2% | 0.8% | 0.4% | 0.3% | 0.4% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 3.9% | 5.1% | 3.7% | 2.7% |
| PTSHX Tax Cost Ratio | na | na | 1.7% | 1.9% | 1.6% | 1.2% |
PTSHX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PTSHX Return (NAV) | 3.1% | 4.9% | 6.4% | 6.1% | -0.1% | 0.0% | 2.7% | 2.7% | 1.5% | 2.4% | 2.6% |
| PTSHX Grade | A | C | A | B | C | C | A | D | D | A | A |
| +/- Category | 0.7% | 0.0% | 0.6% | 0.2% | 0.1% | -0.1% | 1.2% | -0.4% | -0.1% | 0.9% | 1.1% |
| Ultrashort Bond Avg | 2.4% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.5% |
| Total Risk Index: | 0.04 - Low |
| Category Risk Index: | 0.86 - Average |
| Category Risk Grade: | C (48% Rank) |
| Beta: | -0.03 |
| R-Squared: | 11% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $10939 Mil |
| Fund Total Assets: | $7,470 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 124% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.7 years | |||
| Average Tenure: 7.9 years | |||
| Managers (Year): Schneider Jerome (2011), Chiaverini Nathan (2019), Cudzil Michael (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1337 |
| % in Top 10 Holdings: | 70.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 56.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 67.2% |
| Foreign Bond: | 56.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -23.9% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | October 7, 1987 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.53% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | PIMCO Short-Term Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
