PIMCO Total Return Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, PIMCO Total Return Portfolio held 1,347 positions with $4.56B in net assets. Its ten largest holdings made up 31.6% of the fund. The VPVTRDV share class costs 0.73% a year. Over the 12 months to May 2026, VPVTRDV returned 6.7%, with dividends reinvested. In 2026 Q2 it added 529 new positions and exited 425.
The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.
The fund invests at least 65% of assets in a diversified portfolio of fixed-income securities across maturities, maintaining average duration within two years of the Bloomberg U.S. Aggregate Index. It holds primarily investment-grade debt but may allocate up to 20% to high-yield securities, up to 30% to foreign-currency securities, and up to 15% to emerging-market instruments. The fund may use derivatives, short sales, and forward commitments to manage duration and obtain market exposure. Because security selection and allocation decisions rest with the manager rather than a stated index rule, portfolio composition may diverge from the benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UMBS, TBA 3.00% · due 2056-08-01 | 4.46% | $203.74M | — |
UMBS, TBA 5.00% · due 2056-08-01 | 4.26% | $194.35M | — |
UMBS, TBA 4.50% · due 2056-08-01 | 4.26% | $194.32M | — |
PIMCO SHORT ASSET PORTFOLIO | 3.79% | $172.88M | — |
UMBS, TBA 4.00% · due 2056-09-01 | 3.14% | $143.32M | — |
UMBS, TBA 5.50% · due 2056-08-01 | 2.83% | $128.94M | — |
United States Treasury 3.00% · due 2044-11-15 | 2.60% | $118.83M | — |
UMBS, TBA 6.00% · due 2056-09-01 | 2.21% | $100.80M | — |
UMBS, TBA 4.50% · due 2056-09-01 | 2.08% | $94.72M | — |
United States Treasury 3.75% · due 2028-04-30 | 1.97% | $90.08M | — |
The 200 largest of 1,347 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 | 70.07% |
| Securitized | 56.13% |
| Cash & short-term | 5.15% |
| Derivatives | 1.95% |
| 2 smaller | 0.84% |
These positions come to 134.14% 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.
By sector
- Securitized
- 41.6%
- Government
- 24.0%
- Other
- 10.4%
- International
- 8.5%
- 12 other sectors
- 15.5%
- Securitized
- 41.6%
- Government
- 24.0%
- Other
- 10.4%
- International
- 8.5%
- Financials
- 4.1%
- Cash
- 4.1%
- Utilities
- 3.0%
- Real Estate
- 1.4%
- Information Technology
- 0.6%
- Industrials
- 0.6%
- Communication Services
- 0.6%
- Health Care
- 0.5%
- Energy
- 0.3%
- Consumer Staples
- 0.1%
- Consumer Discretionary
- 0.1%
- Materials
- 0.0%
How it has done
VPVTRDV share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.96%. 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 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.73% | +6.66% | +16.28% | +2.72% | -4.89% | |
| 0.58% | +6.81% | +16.80% | +3.49% | -4.85% | |
| 0.83% | +6.55% | +15.93% | +2.21% | -4.91% |
These classes hold the same portfolio, so the 1.28pp spread over 5 years is the cost difference between them — roughly 0.26pp a year — not a difference in what they own.
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
- Features
- Fund of funds
- Expense ratio, by class
- 0.58% – 0.83%· VPVTRDV 0.73%
- Portfolio turnover
- 505.00% a year · as of 2026 Q2
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.
529 new· the largest 2
425 exited· the largest 2
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 | 86.6% |
| Floating rate | 12.5% |
| Zero-coupon or unclassified | 0.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.4% |
| 1-3y | 13.7% |
| 3-5y | 11.4% |
| 5-10y | 12.4% |
| 10y+ | 59.0% |
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 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 | 60% |
| Credit spreads | 40% |
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.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — VPVTRDV, QQQ and the fund in my 401(k)?”
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