Fund Evaluator:
PIMCO RealPath Blend 2040 A (PVPAX)
Follow This Fund
Best Performing in Target-Date 2040 Over the Last Year
| 31.9% | SP Funds 2040 Target Date Investor (SPTBX) |
| 20.6% | Fidelity Advisor Freedom Blend 2040 Z (FHHFX) |
| 20.4% | Fidelity Advisor Sust Trgt Dt 2040 Z (FSYDX) |
| 20.3% | Fidelity Advisor Sust Trgt Dt 2040 I (FSYBX) |
| 19.8% | Victory Target Retirement 2040 (URFRX) |
Fund Details
PIMCO RealPath Blend 2040 A Overview
PIMCO RealPath Blend 2040 A (PVPAX) is an actively managed Allocation Target-Date 2040 fund. PIMCO launched the fund in 2014.
The investment seeks to maximize total return, consistent with prudent investment management. The fund is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. It may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and Underlying PIMCO Funds, and unaffiliated funds that are registered under the 1940 Act.
About PIMCO RealPath Blend 2040 A (PVPAX)
There are 3 members of the management team with an average tenure of 5.60 years: Brendon Shvetz (2021), Graham Rennison (2015), Emmanuel Sharef (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 S&P Target Date 2040 TR USD index with a weighting of 100%. PIMCO RealPath Blend 2040 A has 31 securities in its portfolio. The top 10 holdings constitute 95.7% 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 RealPath Blend 2040 A is part of the Allocation global asset class and is within the Allocation fund group. PIMCO RealPath Blend 2040 A has 36.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 47.3%. There is 26.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 31.6% (22.5% domestic bond, 9.1% foreign bond and 0.0% convertible bond). PIMCO RealPath Blend 2040 A has -7.3% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $1 billion average for the Target-Date 2040 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.
PVPAX 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 RealPath Blend 2040 A expense ratio is high compared to funds in the Target-Date 2040 category. PIMCO RealPath Blend 2040 A has an expense ratio of 0.84%, which is 25% 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 RealPath Blend 2040 A has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 22% for the Target-Date 2040 category.
Recently, in the month of August 2026, PIMCO RealPath Blend 2040 A returned 2.2%, which earned it a grade of A, as the Target-Date 2040 category had an average return of 1.9%. 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 RealPath Blend 2040 A has a trailing yield of 2.63%, which is above the 1.90% 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 RealPath Blend 2040 A Grades
Year to date, the fund has returned 11.0%, 0.2 percentage points better than the category, which translates into a grade of C. The fund has returned 17.2% over the past year (grade of C), 15.5% over the past three years (grade of D) and 7.5% per year over the past five years (grade of D) and 9.6% per year over the past 10 years (grade of D).
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PVPAX 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 |
|
| PVPAX Return (NAV) | 2.2% | 1.1% | 17.2% | 15.5% | 7.5% | 9.6% |
| PVPAX Grade | A | F | C | D | D | D |
| +/- Category | 0.3% | -0.3% | 0.5% | -0.3% | -0.2% | -0.5% |
| Target-Date 2040 Avg | 1.9% | 1.4% | 16.6% | 15.9% | 7.7% | 10.1% |
| PVPAX Tax Cost Ratio | na | na | 1.7% | 1.3% | 1.2% | 1.1% |
PVPAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PVPAX Return (NAV) | 11.0% | 17.8% | 11.7% | 16.7% | -17.5% | 15.9% | 13.2% | 23.2% | -7.6% | 18.3% | 10.1% |
| PVPAX Grade | C | C | F | F | C | C | F | D | B | F | A |
| +/- Category | 0.2% | 0.4% | -1.1% | -1.2% | -0.1% | 0.3% | -2.1% | -0.6% | 0.3% | -1.8% | 2.4% |
| Target-Date 2040 Avg | 10.8% | 17.4% | 12.8% | 17.9% | -17.4% | 15.7% | 15.3% | 23.8% | -7.9% | 20.1% | 7.8% |
| Risk Measures | |
| Standard Deviation: | 10.4% |
| Total Risk Index: | 0.85 - Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (47% Rank) |
| Beta: | 1.11 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.6% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $639 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 15% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.7 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Rennison Graham (2015), Shvetz Brendon (2021), Sharef Emmanuel (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 95.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 36.0% |
Portfolio Allocation |
|
| Domestic Stock: | 47.3% |
| Foreign Stock: | 26.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 22.5% |
| Foreign Bond: | 9.1% |
| Convertible Bond: | 0.0% |
| Other: | 1.5% |
| Cash: | -7.3% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | December 31, 2014 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.84% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | PIMCO RealPath Blend 2040 Institutional |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
