PIMCO Emerging Markets Local Currency and Bond Fund
Actively managed emerging-markets bond fund
As of its 2026 Q2 report, PIMCO Emerging Markets Local Currency and Bond Fund held 1,269 positions with $3.34B in net assets. Its ten largest holdings made up 26.0% of the fund. The PELAX share class costs 2% a year. Over the 12 months to May 2026, PELAX returned 12.6%, with dividends reinvested. In 2026 Q2 it added 1,405 new positions and exited 1,211.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PIMCO PRV SHORT TERM FLT III | 4.46% | $149.20M | — |
TITULOS DE TESORERIA 11.75% · due 2035-01-24 | 3.74% | $125.19M | — |
POLAND GOVERNMENT BOND 5.00% · due 2035-10-25 | 2.52% | $84.12M | — |
REPUBLIC OF SOUTH AFRICA 8.88% · due 2035-02-28 | 2.48% | $83.01M | — |
INDONESIA GOVERNMENT 5.88% floating · due 2031-03-15 | 2.41% | $80.70M | — |
MALAYSIA GOVERNMENT 3.84% · due 2033-04-15 | 2.39% | $79.97M | — |
BONOS TESORERIA PESOS 4.70% · due 2030-09-01 | 2.27% | $75.73M | — |
POLAND GOVERNMENT BOND 4.50% · due 2030-07-25 | 2.10% | $70.32M | — |
TITULOS DE TESORERIA 11.00% · due 2029-08-22 | 1.84% | $61.53M | — |
REPUBLIC OF SOUTH AFRICA 8.50% · due 2037-01-31 | 1.82% | $60.92M | — |
The 200 largest of 1,269 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
How it has done
PELAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.84%. Past returns are a record, not a forecast.
Jun 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.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 2.00% | +12.65% | +34.08% | +23.78% | -6.78% | |
| 2.75% | +11.80% | +31.11% | +19.23% | -6.96% | |
| 1.60% | +13.09% | +35.68% | +26.27% | -6.69% | |
| 1.70% | +12.97% | +35.28% | +25.64% | -6.71% | |
| 1.75% | +12.93% | +35.09% | +25.34% | -6.72% |
These classes hold the same portfolio, so the 7.03pp spread over 5 years is the cost difference between them — roughly 1.41pp a year — not a difference in what they own.
Fees & fund details
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
- Rate sensitivity
- Long duration
- Features
- Non-diversified
- Expense ratio, by class
- 1.60% – 2.75%· PELAX 2.00%
- Portfolio turnover
- 212.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
1405 new· the largest 8
1211 exited· the largest 6
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 a small fraction as much.
This fund's 2026Q2 credit-spread duration was flagged for a possible filing data-quality anomaly; the value shown is from its most recent clean filing (2026Q1).
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 | 76% |
| Credit spreads | 24% |
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 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% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +2.75 | — | — | — | — |
| 1 yr | +2.94 | — | — | — | — |
| 5 yr | +5.10 | — | — | — | — |
| 10 yr | +4.90 | — | — | — | — |
| 30 yr | +3.35 | — | — | — | — |
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.
Understand how this fund fits with the rest.
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