PIMCO International Bond Fund (U.S. Dollar-Hedged)
PIMCO Funds · Series S000009678 · 8 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2025 Q4
The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management.
The fund invests at least 80% of assets in fixed income instruments economically tied to at least three non-U.S. countries, with duration normally held within three years of the Bloomberg Global Aggregate ex-USD (USD Hedged) Index. The portfolio is primarily investment grade but may hold up to 10% in high yield securities and up to 10% in preferred securities, with net foreign currency exposure normally limited to 20% of assets. Because the fund is non-diversified, it may concentrate its assets in a smaller number of issuers than a diversified fund, creating greater sensitivity to individual issuer performance.
| Share class | Gross | Net |
|---|---|---|
| PFORX | 0.57% | 0.57% |
| PFRAX | 0.82% | 0.82% |
| PFOAX | 0.97% | 0.97% |
| PFOCX | 1.72% | 1.72% |
| PFRRX | 1.22% | 1.22% |
| PFBPX | 0.67% | 0.67% |
| PFONX | 0.77% | 0.72% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 699.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 71.12% |
| Securitized | 36.26% |
| Cash & short-term | 3.18% |
| Loans | 0.65% |
| Derivatives | -1.58% |
These positions come to 109.63% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: UMBS PASS THRU POOLS ×7, GNMA PASS THRU POOLS
Largest exited: UMBS PASS THRU POOLS ×6, GNMA PASS THRU POOLS, ITALY GOVT
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 79.0% |
| Floating rate | 17.7% |
| Zero-coupon or unclassified | 3.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.7% |
| 1-3y | 8.0% |
| 3-5y | 10.4% |
| 5-10y | 24.3% |
| 10y+ | 52.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 54% |
| Credit spreads | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.79 yr |
| High yield | +0.22 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.37 yr | 5% |
| 1 yr | 0.86 yr | 12% |
| 5 yr | 2.78 yr | 40% |
| 10 yr | 2.36 yr | 34% |
| 30 yr | 0.61 yr | 9% |
| 1 yr | 0.84 yr | 14% |
| 5 yr | 3.20 yr | 53% |
| 10 yr | 1.72 yr | 28% |
| 30 yr | 0.29 yr | 5% |
3 mo is NEGATIVE (-0.04 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.37 | -0.06 | +0.02 | -$102.5k | $34.3k |
| 1 yr | +0.86 | +0.81 | +0.03 | $1.43m | $47.2k |
| 5 yr | +2.78 | +3.06 | +0.14 | $5.42m | $252.7k |
| 10 yr | +2.36 | +1.69 | +0.04 | $2.99m | $62.5k |
| 30 yr | +0.61 | +0.29 | +0.00 | $520.0k | $27 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 6.96 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | UMBS PASS THRU POOLS5.00% · due 2056-05-13 | 13.56% | $2.41B | — |
| — | PIMCO FUNDS | 4.31% | $764.69M | — |
| — | GNMA PASS THRU POOLS6.50% · due 2054-05-15 | 3.76% | $666.29M | — |
| — | CHINA DEVELOPMENT BANK2.63% · due 2034-01-08 | 3.30% | $584.90M | — |
| — | UMBS PASS THRU POOLS5.00% · due 2056-06-11 | 2.76% | $490.18M | — |
| — | CHINA DEVELOPMENT BANK2.82% · due 2033-05-22 | 2.60% | $460.28M | — |
| — | PIMCO FUNDS | 2.43% | $430.21M | — |
| — | UMBS PASS THRU POOLS4.50% · due 2056-06-11 | 2.37% | $420.56M | — |
| — | UNITED KINGDOM GOVT4.38% · due 2030-03-07 | 2.35% | $416.34M | — |
| — | FRANCE GOVT2.75% · due 2030-02-25 | 2.33% | $413.95M | — |
Top 10 positions are 39.77% of net assets, top 25 59.14%, across 621 issuers.
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