PIMCO International Bond Fund (U.S. Dollar-Hedged)
PIMCO FUNDS · Series S000009678 · 8 share classes
data updated 2026-09-08
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 Q2
| Bonds | 64.65% |
| Securitized | 40.91% |
| Cash & short-term | 13.45% |
| Loans | 0.77% |
| Derivatives | 0.73% |
These positions come to 120.50% 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%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: UMBS, TBA ×4, Government National Mortgage Association, CHINA DEVELOPMENT BANK ×2, U.K. Gilts
Largest exited: UMBS PASS THRU POOLS ×5, GNMA PASS THRU POOLS, CHINA DEVELOPMENT BANK ×2
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 |
|---|---|---|---|---|---|
| +1.96% | +15.75% | +7.36% | 3.82% | -3.04% | |
| +1.70% | +14.89% | +6.03% | 3.82% | -3.06% | |
| +1.55% | +14.38% | +5.24% | 3.82% | -3.07% | |
| +0.80% | +11.84% | +1.37% | 3.82% | -3.13% | |
| +1.30% | +13.53% | +3.94% | 3.82% | -3.09% | |
| +1.86% | +15.41% | +6.83% | 3.82% | -3.05% | |
| +1.80% | +15.23% | +6.56% | 3.82% | -3.05% |
These classes hold the same portfolio, so the 5.99pp spread over 5 years is the cost difference between them — roughly 1.20pp 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 | 86.3% |
| Floating rate | 11.9% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.5% |
| 1-3y | 8.9% |
| 3-5y | 9.4% |
| 5-10y | 23.8% |
| 10y+ | 55.3% |
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
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half 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 | 62% |
| Credit spreads | 38% |
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 | +6.77 yr |
| High yield | +2.16 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 | 1.33 yr | 9% |
| 1 yr | 2.74 yr | 19% |
| 5 yr | 3.83 yr | 26% |
| 10 yr | 4.11 yr | 28% |
| 30 yr | 2.57 yr | 18% |
| 3 mo | 1.42 yr | 16% |
| 1 yr | 1.68 yr | 19% |
| 5 yr | 2.38 yr | 27% |
| 10 yr | 1.82 yr | 20% |
| 30 yr | 1.63 yr | 18% |
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 | +1.33 | +1.09 | +0.33 | $2.22m | $667.1k |
| 1 yr | +2.74 | +1.30 | +0.38 | $2.63m | $780.9k |
| 5 yr | +3.83 | +1.67 | +0.72 | $3.39m | $1.46m |
| 10 yr | +4.11 | +1.55 | +0.27 | $3.14m | $558.6k |
| 30 yr | +2.57 | +1.17 | +0.45 | $2.38m | $923.1k |
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 14.58 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, TBA5.00% · due 2056-08-01 | 20.02% | $4.07B | — |
| — | PIMCO PRV SHORT TERM FLT III | 7.00% | $1.42B | — |
| — | PIMCO SHORT ASSET PORTFOLIO | 3.81% | $773.60M | — |
| — | Government National Mortgage Association6.50% · due 2054-07-20 | 3.31% | $673.04M | — |
| — | CHINA DEVELOPMENT BANK2.63% · due 2034-01-08 | 2.96% | $600.49M | — |
| — | CHINA DEVELOPMENT BANK2.82% · due 2033-05-22 | 2.32% | $472.02M | — |
| — | UMBS, TBA4.50% · due 2056-08-01 | 2.11% | $428.01M | — |
| — | U.K. Gilts4.38% · due 2030-03-07 | 2.07% | $419.87M | — |
| — | French Republic Government Bonds OAT2.75% · due 2030-02-25 | 2.03% | $412.11M | — |
| — | United States Treasury4.50% · due 2054-11-15 | 1.57% | $319.64M | — |
Top 10 positions are 47.18% of net assets, top 25 63.08%, across 442 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free