Morningstar

PIMCO Income Fund Class I-2 PONPX

Morningstar Medalist Rating
Medalist Rating as of | See PIMCO Investment Hub
  • NAV / 1-Day Return 10.81  /  +0.09 %
  • Total Assets 230.7B
  • Adj. Expense Ratio
    0.600%
  • Expense Ratio 0.600%
  • Distribution Fee Level Below Average
  • Share Class Type Institutional
  • Category Multisector Bond
  • Credit Quality / Interest Rate Sensitivity Medium/Moderate
  • Min. Initial Investment 1M
  • Status Open
  • TTM Yield 5.66%
  • Effective Duration 4.95 years

USD | NAV as of Jul 11, 2026 | 1-Day Return as of Jul 11, 2026, 12:11 AM GMT+0

Morningstar’s Analysis PONPX

Will PONPX outperform in the 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 PONPX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the PONPX 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 PONPX’s parent organization’s priorities and whether they’re in line with investors’ interests.

This is now one of the three largest actively managed funds in the US.

Senior Principal Eric Jacobson

Eric Jacobson

Senior Principal

Summary

Pimco Income’s standout recent and long-term returns could make you forget that lags its peers every once in a while. Just about everything went right in 2025, though, with outsize contributions from agency and nonagency mortgages and interest rate exposures, and lesser but steady contributions from corporates, emerging-market debt, and non-dollar currency exposures. Its US-domiciled institutional shares returned 11% in 2025, trouncing broad US market indexes and outpacing the median return among distinct multisector bond competitors by nearly 3 percentage points. Though the strategy has lagged on occasion, that’s almost always been during hot rallies rather than market selloffs. Its performance since CIO and comanager Dan Ivascyn started the fund in early 2007 was well into the multisector bond Morningstar Category’s best quartile as of March 31, 2026, as were its trailing returns across all the most commonly cited periods.

by Eric Jacobson
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Portfolio Holdings PONPX

More PONPX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 70.8
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

10 Year Treasury Note Future June 26

16.26 37B
Government

5 Year Treasury Note Future June 26

14.82 33B
Government

Federal National Mortgage Association 6.5%

10.21 23B
Securitized

Federal National Mortgage Association 6%

8.63 19B
Securitized

EUROPEAN MONETARY UNION EURO Purchased

6.26 14B
Derivative

Long Gilt Future June 26

4.91 11B
Government

IRS EUR 2.95000 10/27/22-6Y* LCH Receive

4.90 11B
Government

Federal National Mortgage Association 6%

4.85 11B
Securitized

RFR USD SOFR/3.75000 12/18/24-5Y LCH Receive

4.27 10B
Government

RFR GBP SONIO/3.50000 03/18/26-5Y LCH Receive

4.19 9B
Government

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