PIMCO Dividend and Income Fund Class I2 PQIPX

Pimco Dividend and Income benefits from Pimco’s deep bench, experienced managers, and a stronger record since its late-2021 overhaul. Erin Browne’s departure in May 2026 creates some disruption because she helped lead the asset-allocation and equity work behind the strategy’s revamped process. She left after her nomination for a senior US Treasury role, not because of strategy-level issues. Emmanuel Sharef, who has worked alongside Browne as a portfolio manager since the overhaul, will take the lead. Usman Ali’s promotion to portfolio manager adds continuity, given his work on research and the equity models, and gives the equity process more direct representation in the portfolio manager lineup. The change does not alter the strategy’s Above Average People rating, but it raises the burden on the remaining team to prove that the strategy’s process remains intact without Browne.