The Credit Absolute Return Fund, which PIMCO says has a “go-anywhere” investment style and can employ a wide range of investments, is managed by Mark Kiesel, a managing director in Newport Beach, California.
The fund seeks long-term, strategic investments, as well as shorter-term tactical opportunities in an effort to provide positive returns in any market environment. It is designed to enable investors to diversify their fixed income allocation without being tied to risks that PIMCO believes can be embedded in a benchmark.
“PIMCO’s investment process guides our macroeconomic view and helps enable us to identify risk factors across all fixed income markets,” said Kiesel. “We couple this top-down view with a vigorous bottom-up analysis to seek the best long and short credit positions in every part of the fixed income market, from investment grade credit, high yield, emerging market credit and bank loans to convertible and municipal securities.”
Kiesel added: “This strategy can pivot in order to help achieve the absolute return objective. For example, the strategy can take on greater exposure to credit when spreads are attractive and, conversely, reduce overall exposure when necessary and instead focus on relative value between credit sectors.”Institutional shares of the PIMCO Credit Absolute Return Fund will trade under the ticker symbol PCARX. Additional tickers include P shares (PPCRX), A shares (PZCRX), C shares (PCCRX), R shares (PRCRX), and D shares (PDCRX).