Fund Evaluator:

PACE Global Fixed Income Investments A Overview

PACE Global Fixed Income Investments A (PWFAX) is an actively managed Taxable Bond Global Bond fund. UBS Asset Management launched the fund in 2000.

The investment seeks high total return. The fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities. Such investments may include U.S. government bonds, non-U.S. government bonds, and bonds of U.S. or non-U.S. private issuers. It invests primarily in high-grade bonds of governmental and private issuers. The fund invests in bonds of varying maturities, but normally limits its portfolio duration to within +/- 50% of the effective duration of the fund's benchmark index, Bloomberg Global Aggregate Index.

About PACE Global Fixed Income Investments A (PWFAX)

There are 3 members of the management team with an average tenure of 10.94 years: Iain Stealey (2017), Fred Lee (2009), Myles Bradshaw (2019). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg Gbl Agg ex USD 50% Hdg TR USD index with a weighting of 100%. PACE Global Fixed Income Investments A has 368 securities in its portfolio. The top 10 holdings constitute 67.0% 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.

PACE Global Fixed Income Investments A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. PACE Global Fixed Income Investments A has 72.1% 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 96.0% (23.9% domestic bond, 72.1% foreign bond and 0.1% convertible bond). PACE Global Fixed Income Investments A has 4.0% of the portfolio in cash.

Assets Under Management

The fund has $10 million in total assets, which is below the $422 million average for the Global 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.

PWFAX 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 PACE Global Fixed Income Investments A expense ratio is high compared to funds in the Global Bond category. PACE Global Fixed Income Investments A has an expense ratio of 1.03%, which is 7% 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. PACE Global Fixed Income Investments A has a portfolio turnover rate of 136%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.

Recently, in the month of July 2026, PACE Global Fixed Income Investments A returned -0.8%, which earned it a grade of F, as the Global 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.

PACE Global Fixed Income Investments A has a trailing yield of 3.65%, which is below the 4.17% 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.

PACE Global Fixed Income Investments A Grades

Year to date, the fund has returned -1.2%, 0.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 1.6% over the past year (grade of D), 2.5% over the past three years (grade of F) and -2.3% per year over the past five years (grade of D) and -0.4% per year over the past 10 years (grade of F).

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