Fund Evaluator:
PIMCO RealPath Blend 2045 Institutional (PVQNX)
Follow This Fund
Best Performing in Target-Date 2045 Over the Last Year
| 23.3% | Fidelity Advisor Freedom Blend 2045 Z (FHBFX) |
| 22.5% | Fidelity Advisor Sust Trgt Dt 2045 Z (FSYSX) |
| 22.4% | Fidelity Advisor Sust Trgt Dt 2045 I (FSYQX) |
| 20.9% | Fidelity Advisor Freedom 2045 Z (FIJQX) |
| 20.8% | Fidelity Freedom Index 2045 Investor (FIOFX) |
Fund Details
PIMCO RealPath Blend 2045 Institutional Overview
PIMCO RealPath Blend 2045 Institutional (PVQNX) is an actively managed Allocation Target-Date 2045 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 2045 Institutional (PVQNX)
There are 3 members of the management team with an average tenure of 5.51 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 2045 TR USD index with a weighting of 100%. PIMCO RealPath Blend 2045 Institutional has 32 securities in its portfolio. The top 10 holdings constitute 96.8% 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 2045 Institutional is part of the Allocation global asset class and is within the Allocation fund group. PIMCO RealPath Blend 2045 Institutional has 36.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 51.4%. There is 31.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 19.1% (13.7% domestic bond, 5.5% foreign bond and 0.0% convertible bond). PIMCO RealPath Blend 2045 Institutional has -2.7% of the portfolio in cash.
Assets Under Management
The fund has $637 million in total assets, which is below the $1 billion average for the Target-Date 2045 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.
PVQNX 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 2045 Institutional expense ratio is below average compared to funds in the Target-Date 2045 category. PIMCO RealPath Blend 2045 Institutional has an expense ratio of 0.29%, which is 57% 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 RealPath Blend 2045 Institutional has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 22% for the Target-Date 2045 category.
Recently, in the month of July 2026, PIMCO RealPath Blend 2045 Institutional returned -0.6%, which earned it a grade of B, as the Target-Date 2045 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 RealPath Blend 2045 Institutional has a trailing yield of 3.11%, which is above the 1.70% 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 2045 Institutional Grades
Year to date, the fund has returned 9.9%, 0.2 percentage points better than the category, which translates into a grade of C. The fund has returned 19.8% over the past year (grade of B), 15.4% over the past three years (grade of C) and 8.8% per year over the past five years (grade of C) and 10.6% per year over the past 10 years (grade of C).
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PVQNX 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 |
|
| PVQNX Return (NAV) | -0.6% | 2.8% | 19.8% | 15.4% | 8.8% | 10.6% |
| PVQNX Grade | B | D | B | C | C | C |
| +/- Category | 0.2% | -0.3% | 1.0% | 0.1% | 0.4% | 0.0% |
| Target-Date 2045 Avg | -0.7% | 3.2% | 18.8% | 15.3% | 8.5% | 10.6% |
| PVQNX Tax Cost Ratio | na | na | 1.8% | 1.4% | 1.3% | 1.2% |
PVQNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PVQNX Return (NAV) | 9.9% | 19.8% | 13.4% | 18.4% | -17.3% | 17.7% | 13.9% | 24.4% | -7.5% | 19.6% | 10.4% |
| PVQNX Grade | C | B | D | D | B | B | D | D | B | F | A |
| +/- Category | 0.2% | 1.2% | -0.4% | -0.5% | 0.5% | 1.0% | -1.8% | -0.1% | 0.8% | -1.0% | 2.4% |
| Target-Date 2045 Avg | 9.7% | 18.6% | 13.8% | 18.9% | -17.7% | 16.7% | 15.7% | 24.5% | -8.3% | 20.7% | 7.9% |
| Risk Measures | |
| Standard Deviation: | 11.1% |
| Total Risk Index: | 0.90 - Average |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (32% Rank) |
| Beta: | 1.16 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $640 Mil |
| Fund Total Assets: | $ 638 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.6 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Rennison Graham (2015), Shvetz Brendon (2021), Sharef Emmanuel (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 32 |
| % in Top 10 Holdings: | 96.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 36.6% |
Portfolio Allocation |
|
| Domestic Stock: | 51.4% |
| Foreign Stock: | 31.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 13.7% |
| Foreign Bond: | 5.5% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | -2.7% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | December 31, 2014 |
| Min. Initial Purchase: | $1,000,000 |
| 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 (%): | 0.29% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | PIMCO RealPath Blend 2045 Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
