Pimco All Asset’s subadvisor Research Affiliates employs an unconstrained, systematic, valuation-based process to asset allocation and employs a similar approach for many of its underlying equity and alternative strategies. By tilting toward niche areas and deep-value assets, the fund can exhibit prolonged periods of risk-adjusted underperformance, making it difficult to hold for the long term. We are downgrading its Process rating to Average. With this change, its Morningstar Analyst Rating falls to Neutral across the fund’s share classes.
PIMCO All Asset A PASAX
NAV / 1-Day Return
12.86
/
0.16
%
Total Assets
16.4 Bil
Adj. Expense Ratio
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
1.315%
Expense Ratio
1.635%
Fee Level
Below Average
Longest Manager Tenure
18.70
years
Category
Tactical Allocation
Investment Style
Large ValueCredit Quality / Interest Rate Sensitivity
—Status
Open
TTM Yield
5.94%
Turnover
44%
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Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
Will PASAX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PASAX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the PASAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of PASAX’s parent organization’s priorities and whether they’re in line with investors’ interests.
Very contrarian.
