PIMCO Total Return Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, PIMCO Total Return Portfolio held 1,394 positions with $3.42B in net assets. Its ten largest holdings made up 36.7% of the fund. Its share classes cost 0.58%–0.83% a year. Over the 12 months to May 2026, it returned 6.8%, with dividends reinvested. In 2026 Q2 it added 181 new positions and exited 189.
Maximum total return, consistent with the preservation of capital and prudent investment management.
The fund is subadvised by PIMCO, which invests at least 65% of assets in a diversified portfolio of fixed income instruments of varying maturities, employing both top-down strategies such as duration and yield curve positioning and bottom-up security selection to seek total return. The portfolio is primarily investment grade but may hold up to 15% in high yield securities, up to 30% in foreign-currency securities, and up to 15% in emerging market exposures, with average duration normally kept within two years of the Bloomberg U.S. Aggregate Bond Index. PIMCO may use derivatives, short sales, and when-issued purchases to implement its strategy, and may invest up to 10% in preferred stock and convertible securities.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UMBS, TBA 3.00% · due 2056-08-01 | 9.52% | $325.53M | — |
UMBS, TBA 5.50% · due 2049-09-12 | 7.96% | $272.08M | — |
UMBS, TBA 5.50% · due 2056-08-01 | 3.93% | $134.45M | — |
UMBS, TBA 4.50% · due 2056-08-01 | 2.71% | $92.69M | — |
UMBS, TBA 6.00% · due 2049-09-12 | 2.64% | $90.30M | — |
United States Treasury 3.13% · due 2044-08-15 | 2.56% | $87.64M | — |
Citigroup Global Markets, Inc. | 1.92% | $65.60M | — |
United States Treasury 2.88% · due 2043-05-15 | 1.88% | $64.24M | — |
UMBS, TBA 5.00% · due 2056-07-01 | 1.84% | $62.91M | — |
United States Treasury 4.00% · due 2030-05-31 | 1.76% | $60.19M | — |
The 200 largest of 1,394 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 | 75.64% |
| Securitized | 61.67% |
| Derivatives | 2.41% |
| Loans | 0.31% |
| Cash & short-term | -1.84% |
These positions come to 138.19% 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%.
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.
By sector
- Securitized
- 43.3%
- Government
- 24.6%
- Other
- 11.9%
- International
- 8.3%
- 11 other sectors
- 12.0%
- Securitized
- 43.3%
- Government
- 24.6%
- Other
- 11.9%
- International
- 8.3%
- Financials
- 5.2%
- Utilities
- 2.7%
- Information Technology
- 1.1%
- Real Estate
- 0.9%
- Industrials
- 0.6%
- Health Care
- 0.4%
- Consumer Staples
- 0.3%
- Communication Services
- 0.3%
- Consumer Discretionary
- 0.2%
- Materials
- 0.1%
- Energy
- 0.1%
How it has done
C000030635 share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.09%. 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.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
PIMCO Total Return Portfolio 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
- Long duration
- Expense ratio, by class
- 0.58% – 0.83%
- Portfolio turnover
- 522.00% a year · as of 2026 Q2
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.
181 new· the largest 4
189 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 | 86.9% |
| Floating rate | 12.6% |
| Zero-coupon or unclassified | 0.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.4% |
| 1-3y | 15.8% |
| 3-5y | 12.2% |
| 5-10y | 9.9% |
| 10y+ | 58.7% |
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.
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 the fund's spread duration carried by each credit tier.
| Investment grade | +1.58 yr |
| High yield | +0.74 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 1.17 yr | 16% |
| 5 yr | 2.08 yr | 28% |
| 10 yr | 3.06 yr | 41% |
| 30 yr | 1.12 yr | 15% |
3 mo is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.57 yr | 25% |
| 5 yr | 0.98 yr | 42% |
| 10 yr | 0.47 yr | 20% |
| 30 yr | 0.26 yr | 11% |
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 | -0.03 | +0.03 | +0.01 | $8.8k | $3.5k |
| 1 yr | +1.17 | +0.47 | +0.10 | $160.7k | $34.5k |
| 5 yr | +2.08 | +0.64 | +0.34 | $220.1k | $114.8k |
| 10 yr | +3.06 | +0.33 | +0.14 | $114.1k | $47.1k |
| 30 yr | +1.12 | +0.10 | +0.15 | $35.4k | $52.1k |
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 7.39 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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