PIMCO Emerging Markets Local Currency and Bond Fund
PIMCO FUNDS · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
PIMCO Emerging Markets Local Currency and Bond Fund is an actively managed emerging-markets bond fund.
- Asset class
- Bonds
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Long duration
- Features
- Non-diversified
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 its assets in fixed income instruments and currencies of emerging market countries, with duration normally held within two years of the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index. PIMCO selects country and currency exposure based on interest rates, inflation, exchange rates, monetary and fiscal policies, and other macroeconomic factors. The fund is non-diversified and may concentrate its assets in a smaller number of issuers. High yield securities are capped at 15% of total assets.
| Share class | Gross | Net |
|---|---|---|
| PELAX | 2.00% | 2.00% |
| PELCX | 2.75% | 2.75% |
| PELBX | 1.60% | 1.60% |
| PELPX | 1.70% | 1.70% |
| PELNX | 1.80% | 1.75% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 212.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.81% |
| Loans | 2.01% |
| Securitized | 1.16% |
| Cash & short-term | 0.29% |
| Stocks | 0.02% |
| Derivatives | -1.76% |
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: HSBC Bank PLC, TITULOS DE TESORERIA, POLAND GOVERNMENT BOND, REPUBLIC OF SOUTH AFRICA, INDONESIA GOVERNMENT, MALAYSIA GOVERNMENT, BONOS TESORERIA PESOS, JPMorgan Securities LLC
Largest exited: COLOMBIAN GOVT ×2, SOUTH AFRICA GOVT ×2, CHILEAN GOVT, MEXICO GOVT, POLAND GOVT, PHILIPPINES GOVT
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +13.28% | +30.79% | +25.58% | 8.86% | -6.78% | |
| +12.43% | +27.90% | +20.98% | 8.85% | -6.96% | |
| +13.72% | +32.36% | +28.11% | 8.86% | -6.69% | |
| +13.61% | +31.97% | +27.47% | 8.86% | -6.71% | |
| +13.56% | +31.78% | +27.16% | 8.86% | -6.72% |
These classes hold the same portfolio, so the 7.13pp spread over 5 years is the cost difference between them — roughly 1.43pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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 2026-06-30
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 | 88.8% |
| Floating rate | 7.7% |
| Zero-coupon or unclassified | 3.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.7% |
| 1-3y | 9.0% |
| 3-5y | 23.6% |
| 5-10y | 41.3% |
| 10y+ | 22.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
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 | 57% |
| Credit spreads | 43% |
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.
| High yield | +14.34 yr |
| Investment grade | +0.30 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 2.75 yr | 14% |
| 1 yr | 2.94 yr | 15% |
| 5 yr | 5.10 yr | 27% |
| 10 yr | 4.90 yr | 26% |
| 30 yr | 3.35 yr | 18% |
| 3 mo | 2.70 yr | 18% |
| 1 yr | 2.85 yr | 19% |
| 5 yr | 3.20 yr | 22% |
| 10 yr | 3.09 yr | 21% |
| 30 yr | 2.81 yr | 19% |
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 | +2.75 | +0.02 | +2.68 | $6.6k | $897.0k |
| 1 yr | +2.94 | +0.07 | +2.77 | $24.3k | $927.6k |
| 5 yr | +5.10 | +0.11 | +3.08 | $37.8k | $1.03m |
| 10 yr | +4.90 | +0.07 | +3.02 | $23.7k | $1.01m |
| 30 yr | +3.35 | +0.02 | +2.78 | $8.0k | $930.6k |
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 19.04 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 |
|---|---|---|---|---|
| — | PIMCO PRV SHORT TERM FLT III | 4.46% | $149.20M | — |
| — | TITULOS DE TESORERIA11.75% · due 2035-01-24 | 3.74% | $125.19M | — |
| — | POLAND GOVERNMENT BOND5.00% · due 2035-10-25 | 2.52% | $84.12M | — |
| — | REPUBLIC OF SOUTH AFRICA8.88% · due 2035-02-28 | 2.48% | $83.01M | — |
| — | INDONESIA GOVERNMENT6.75% · due 2035-07-15 | 2.41% | $80.70M | — |
| — | MALAYSIA GOVERNMENT3.84% · due 2033-04-15 | 2.39% | $79.97M | — |
| — | BONOS TESORERIA PESOS4.70% · due 2030-09-01 | 2.27% | $75.73M | — |
| — | POLAND GOVERNMENT BOND4.50% · due 2030-07-25 | 2.10% | $70.32M | — |
| — | TITULOS DE TESORERIA11.00% · due 2029-08-22 | 1.84% | $61.53M | — |
| — | REPUBLIC OF SOUTH AFRICA8.50% · due 2037-01-31 | 1.82% | $60.92M | — |
Top 10 positions are 26.04% of net assets, top 25 47.65%, across 175 issuers.
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