PIMCO International Bond Fund (U.S. Dollar-Hedged)
Actively managed global bond fund
As of its 2026 Q2 report, PIMCO International Bond Fund (U.S. Dollar-Hedged) held 1,518 positions with $20.32B in net assets. Its ten largest holdings made up 47.2% of the fund. The PFORX share class costs 0.57% a year. Over the 12 months to May 2026, PFORX returned 3.1%, with dividends reinvested. In 2026 Q2 it added 984 new positions and exited 902.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UMBS, TBA 5.00% · 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 Association 6.50% · due 2054-07-20 | 3.31% | $673.04M | — |
CHINA DEVELOPMENT BANK 2.63% · due 2034-01-08 | 2.96% | $600.49M | — |
CHINA DEVELOPMENT BANK 2.82% · due 2033-05-22 | 2.32% | $472.02M | — |
UMBS, TBA 4.50% · due 2056-08-01 | 2.11% | $428.01M | — |
U.K. Gilts 4.38% · due 2030-03-07 | 2.07% | $419.87M | — |
French Republic Government Bonds OAT 2.75% · due 2030-02-25 | 2.03% | $412.11M | — |
United States Treasury 4.50% · due 2054-11-15 | 1.57% | $319.64M | — |
The 200 largest of 1,518 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 | 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.
How it has done
PFORX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.95%. 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 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.57% | +3.08% | +17.06% | +8.48% | -3.04% | |
| 0.82% | +2.82% | +16.19% | +7.13% | -3.06% | |
| 0.97% | +2.67% | +15.68% | +6.34% | -3.07% | |
| 1.72% | +1.90% | +13.10% | +2.42% | -3.13% | |
| 1.22% | +2.42% | +14.82% | +5.03% | -3.09% | |
| 0.67% | +2.98% | +16.72% | +7.95% | -3.05% | |
| 0.72% | +2.92% | +16.54% | +7.68% | -3.05% |
These classes hold the same portfolio, so the 6.06pp spread over 5 years is the cost difference between them — roughly 1.21pp a year — not a difference in what they own.
Fees & fund details
PIMCO International Bond Fund (U.S. Dollar-Hedged) is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified · Fund of funds
- Expense ratio, by class
- 0.57% – 1.72%· PFORX 0.57%
- Portfolio turnover
- 699.00% 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.
984 new· the largest 4
902 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 | 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 nearly as much.
This fund's 2026Q2 interest-rate duration was flagged for a possible filing data-quality anomaly; the value shown is from its most recent clean filing (2026Q1).
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 | 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.
Understand how this fund fits with the rest.
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