PIMCO Inflation Response Multi-Asset Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, PIMCO Inflation Response Multi-Asset Fund held 645 positions with $2.16B in net assets. Its ten largest holdings made up 73.1% of the fund. Over the 12 months to May 2026, PDRMX returned 18.0%, with dividends reinvested. In 2026 Q2 it added 510 new positions and exited 483.
PIMCO Inflation Response Multi-Asset Fund is actively managed U.S. bond fund.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
JPMorgan Securities LLC | 30.24% | $654.30M | — | — |
UMBS, TBA 4.50% · due 2056-08-01 | 6.89% | $149.14M | — | — |
PLMIXPIMCO Emerging Markets Currency and Short-Term Investments Fund | 6.41% | $138.60M | 18.1M | $7.65 |
UMBS, TBA 4.50% · due 2056-09-01 | 5.75% | $124.38M | — | — |
United States Treasury 0.13% · due 2031-07-15 | 5.04% | $109.00M | — | — |
Pimco Commodity Strategy Active Exchange-Traded Fund | 4.22% | $91.31M | 3.0M | $30.67 |
United States Treasury 1.88% · due 2035-07-15 | 4.15% | $89.86M | — | — |
U.K. Gilts 4.00% · due 2031-10-22 | 3.87% | $83.67M | — | — |
United States Treasury 1.63% · due 2029-10-15 | 3.35% | $72.41M | — | — |
United States Treasury 2.13% · due 2035-01-15 | 3.23% | $69.90M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 645 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 | 89.21% |
| Securitized | 41.07% |
| Stocks | 4.96% |
| Loans | 0.19% |
| Derivatives | 0.06% |
| Cash & short-term | -16.94% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
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.
How it has done
PZRMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.47%. 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 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +18.01% | +39.90% | +37.82% | -3.13% | |
| — | +18.50% | +41.87% | +40.89% | -3.06% | |
| — | +18.45% | +41.45% | +40.29% | -2.94% | |
| — | +18.31% | +41.21% | — | -2.94% |
These classes hold the same portfolio, so the 1.97pp spread over 3 years is the cost difference between them — roughly 0.66pp a year — not a difference in what they own.
Fees & fund details
PIMCO Inflation Response Multi-Asset Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
- Features
- Fund of funds
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
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.
510 new· the largest 6
483 exited· the largest 3
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 | 89.4% |
| Floating rate | 9.0% |
| Zero-coupon or unclassified | 1.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.8% |
| 1-3y | 12.6% |
| 3-5y | 10.5% |
| 5-10y | 31.7% |
| 10y+ | 40.4% |
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 2026Q2
This fund carries a net credit hedge: it would gain roughly 2.0% if credit spreads widened 100bp, where a comparable bond fund would lose.
Share of the fund's spread duration carried by each credit tier.
| High yield | +7.35 yr |
| Investment grade | -9.25 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.
| 5 yr | 1.11 yr | 32% |
| 10 yr | 2.33 yr | 68% |
3 mo and 1 yr and 30 yr are NEGATIVE (-0.44 yr, -0.07 yr, -0.94 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.44 | -1.93 | +1.40 | -$417.1k | $302.8k |
| 1 yr | -0.07 | -1.87 | +1.42 | -$404.7k | $306.9k |
| 5 yr | +1.11 | -1.82 | +1.45 | -$394.3k | $314.7k |
| 10 yr | +2.33 | -1.78 | +1.54 | -$384.3k | $332.6k |
| 30 yr | -0.94 | -1.85 | +1.54 | -$400.1k | $333.1k |
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 2.00 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.
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