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PIMIX - New M* Analyst Report

FYI, Here is M*'s Eric Jacobson's very informative analyst report on PIMIX: Why PIMCO Income Remains Among the Best.

Food for thought, especially for skeptics of this humongous fund like me:

https://www.morningstar.com/articles/986480/why-pimco-income-remains-among-the-best

Comments, critical or otherwise, from the bond fund cognoscenti are appreciated.

Thanks,

Fred

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Re: PIMIX - New M* Analyst Report

Above average doesn't cut for me, I like my funds to be in the top 10% and why I stopped using PIMIX (maybe except a short trade) in early 2018 after I held a huge % in it for years.

History (05/31/2020)2010201120122013201420152016201720182019YTD
PIMIX20.466.3722.174.87.182.648.728.60.588.05-3.43
Category (MU)10.863.3711.711.873.63-2.187.526.07-1.529.8-3.59
+/- Category (MU)9.6310.462.933.554.821.22.532.1-1.750.15
Rank in Category16118633110187858

 

The table show deterioration starting in 2018.  Why did I start with 2018?  when the numbers are low it's easier to be ahead.  

Even a great basketball player will not start on my NBA superstars based on his performance from 2 years ago.  I want the best hot players NOW on the court and if 1-2 players(funds) don't perform I will switch with other hot great players.

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Re: PIMIX - New M* Analyst Report

Like all funds, entry point is key. I re-entered mid-April after several years out of the fund. I'm up >4% and with a yield near 6% I expect it to be a decent performer. It is by far my largest holding and I'm combining it with the bond portion of VWELX plus EDV, and BSV. (also, a good helping of cash). I consider it like a FI version of VWELX/VWIAX - maybe not the smartest choice but far from the worst. - rm

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Re: PIMIX - New M* Analyst Report


@rhythmmethod wrote:

Like all funds, entry point is key. I re-entered mid-April after several years out of the fund. I'm up >4% and with a yield near 6% I expect it to be a decent performer. It is by far my largest holding and I'm combining it with the bond portion of VWELX plus EDV, and BSV. (also, a good helping of cash). I consider it like a FI version of VWELX/VWIAX - maybe not the smartest choice but far from the worst. - rm


We have been discussing Multi for years.  If I'm looking at my list that includes PUCZX,JMUTX,PDIIX,JMSIX I see the following:

See 01/01/2018 to 01/01/2020

pimix-1.PNG

See from 04/04/2020 to yesterday

pimix-2.PNG

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Re: PIMIX - New M* Analyst Report


@FD1001 wrote:


We have been discussing Multi for years.  If I'm looking at my list that includes PUCZX,JMUTX,PDIIX,JMSIX I see the following:

See 01/01/2018 to 01/01/2020

pimix-1.PNG

See from 04/04/2020 to yesterday

pimix-2.PNG


The 04/04/20 to yesterday (2nd) curve looks as though the funds are flattening and perhaps dipping lower.

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Re: PIMIX - New M* Analyst Report


@rhythmmethod wrote:

Like all funds, entry point is key. I re-entered mid-April after several years out of the fund. I'm up >4% and with a yield near 6% I expect it to be a decent performer. It is by far my largest holding and I'm combining it with the bond portion of VWELX plus EDV, and BSV. (also, a good helping of cash). I consider it like a FI version of VWELX/VWIAX - maybe not the smartest choice but far from the worst. - rm


@rhythmmethod I will be paying close attention to PIMIX now. I think you have a goog conservative investment plan holding the bond fund with VWIAX. I may be moving in that direction in the future. 

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Re: PIMIX - New M* Analyst Report


@fred495 wrote:

FYI, Here is M*'s Eric Jacobson's very informative analyst report on PIMIX: Why PIMCO Income Remains Among the Best.

Food for thought, especially for skeptics of this humongous fund like me:

https://www.morningstar.com/articles/986480/why-pimco-income-remains-among-the-best

Comments, critical or otherwise, from the bond fund cognoscenti are appreciated.

Thanks,

Fred


I have very mixed feelings about PIMIX.  Since 2018, I view it as a deteriorating fund, compared to what it once was.  PIMCO never closes a fund, and as it has grown to a huge AUM, its flexibility and nimbleness seems like a fleeting memory.  Clearly, its popularity largely rests on its continued practice of paying the same attractive yield as it did when it was a much smaller fund.  Its dependence on nonagency mortgages is becoming more challenging, and it seems it has turned to an increasing level of foreign and EM holdings, and it seems to be taking on more HY bonds.  However, if you are looking for a lower risk multisector bond, it is one of a very few options available in this category.  For me, all it is now is a potential short term trade, not a longer term holding option.  

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Re: PIMIX - New M* Analyst Report

I agree, PIMIX was once a remarkable bond fund, more the exception, now it is another huge investment with high yield and comparable risk to most high yielding bond funds. 

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Re: PIMIX - New M* Analyst Report


@FatKat wrote:

I agree, PIMIX was once a remarkable bond fund, more the exception, now it is another huge investment with high yield and comparable risk to most high yielding bond funds. 


This is simply not true.  You obviously never listen to or read Ivascyn discuss Pimco Income.  It does not use an aggressive strategy.  PM uses a defensive mindset but will accept short term volatility in exchange for long term resiliency.  HY is 13%.  It is within the top 3 of my most confident bond OEF investments and looking for a little yield is icing on the cake.  It is your money not mine, but I will correct false statements so others are not misled.  

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Re: PIMIX - New M* Analyst Report

True, going on only what I read here, what I don't own, or plan to own I do not keep abreast with and I have not owed the fund since 2018.

It does not seem to be receiving the best reviews here?

My bond fund choices are very conservative and simple funds.

If Pimco has any outstanding funds, I would like to hear about it.

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