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KOFIA Webinar
Introduction to PIMCO
May 2021
22
Disclosures
This material contains the current opinions of the manager and such opinions are subject to change without notice. This material is distributed for informational purposes
only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has
been obtained from sources believed to be reliable, but not guaranteed. No part of this publication may be reproduced in any form, or referred to in any other publication,
without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO
The material is for the ESG webinar organized by Korea Financial Investment Association only and not for further distributions.
PIMCO Asia Limited (Suite 2201, 22nd Floor, Two International Finance Centre, No. 8 Finance Street, Central, Hong Kong) is licensed by the Securities and Futures
Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance. PIMCO Asia Limited is registered as a cross-border discretionary
investment manager with the Financial Supervisory Commission of Korea (Registration No. 08-02-307). The asset management services and investment products are not
available to persons where provision of such services and products is unauthorised.
33
Biographical information
Jung Park
Mr. Park is an executive vice president in the Hong Kong office and head of Korea, responsible for managing client relationships and business
development in Korea. Prior to joining PIMCO in 2008, he was a senior managing director and head of the Korea FICC group at Bear Stearns Asia,
responsible for the fixed income, currency and commodities business in Korea. Previously, Mr. Park was head of the Korea sales team at Merrill Lynch
in Hong Kong. Mr. Park also worked at the Bank of Korea as a portfolio manager for the foreign exchange reserves of Korea. He has 32 years of
investment experience and holds an undergraduate degree from Seoul National University.
1118_cover
44
PIMCO at a glance
New York (2001)
Toronto
(2004)
London(1998)
Singapore
(1996)
Hong Kong
(2006)
Newport Beach
(1971)
Zurich(2009)
Munich(2000)
Tokyo
(1997)
Sydney
(1997)
Milan(2012)
São Paulo
(2012)
As of 31 March 2021. SOURCE: PIMCO.
* Includes 1.62 trillion in third party client assets, including $17.7 billion in assets of clients contracted with Gurtin Fixed Income Management, LLC and $79.7 billion in assets of clients contracted with Allianz Real Estate, affiliates and wholly-owned
subsidiaries of PIMCO. Due to data lag, regional breakdown of AUM includes assets of clients contracted with Allianz Real Estate as of 31 December 2021.
** Excludes Allianz Real Estate employees
*** Based on client account tax domicile
1 Includes Allianz Real Estate indirect AUM
Austin(2018)
Taipei(2018)
Bermuda
(2019)Solana Beach
(2019)
Chicago
(2019)
PIMCO
$2.16 trillion
in AUM*
50 years in
industry
850+ investment
professionals
3,040+ total
employees**
250+ Portfolio Managers with an
average of 17 years experience
50+ countries in which
clients are based***
EMEA
$689 Billion AUM¹
213 Investment Professionals
554 Total Employees
Asia Pacific
$277 Billion AUM
104 Investment Professionals
282 Total Employees
Americas
$1,191 Billion AUM
541 Investment Professionals
2,212 Total Employees
Miami(2018)
Dublin(2020)
Shanghai
(2020)
55
PIMCO Organizational Structure
As of 31 March 2021
* Portfolio Risk Management reports both to the Group Chief Investment Officer and the Chief Executive Officer
** The Solana Beach, CA and Chicago, IL offices relate to PIMCO’s acquisition of Gurtin Fixed Income Management, LLC in January 2019
*** PIMCO offices added in 2020
PIMCO Management Board (Managing Directors)
Portfolio Management
Analytics
CIOs
Credit Research
Investment Committee
Portfolio Risk
Management*
Strategic
Markets
Client
Management
Product Strategy
Global Wealth
Management
Legal
Fund
Administration
Human
Resources
Operations
General CounselClient, Product &
Strategy
PIMCO Executive Committee
Allianz SE (parent)
Compliance
Co-Chief
Operating Officer
Office Services &
Admin. Support
Corporate
Responsibility
Media / Internal
Communications
Enterprise Risk
Management
Technology
GLOBAL OFFICES
Austin Bermuda Chicago** Dublin*** Hong Kong London Miami Milan Munich New York
Corporate
Development
Chief Financial
Officer
Financial Planning
& Analysis
Strategic Services
and Transformation Marketing
Chief Executive Officer
Co-Chief
Operating Officer
Business
Management
Group Chief Investment Officer
Allianz Asset Management
Newport Beach São Paulo Shanghai*** Singapore Solana Beach** Sydney Taipei Tokyo Toronto Zurich
Asset Management
66
Assets under management by strategy
PIMCO manages $2.16 trillion in assets*, including $1.62 trillion in third-party client assets
As of 31 March 2021. SOURCE: PIMCO. Past performance is not a guarantee or a reliable indicator of future results.
*Including $79.7 billion in assets of clients contracted with Allianz Real Estate, an affiliate and wholly-owned subsidiary of PIMCO Europe Gmbh.
^Starting 31 March 2020, assets have been re-categorized accordingly # Alt Credit and Private Strategies AUM shows previous quarter data due to data availability limitations.
1 Total Return has been segregated to isolate the assets of PIMCO sponsored U.S. Total Return 1940-act fund and foreign pool fund accounts. All other U.S. Total Return portfolios are included in the Intermediate category.
2 Stable value assets have not been netted from U.S. Total Return, U.S. Moderate Duration and U.S. Low Duration assets.
3 Tail-risk hedging assets reflect total notional value of dedicated mandates and are not counted towards PIMCO total assets under management.
4 As of 31 March 2021, assets include $17.7 billion in assets of clients contracted with Gurtin Fixed Income Management, LLC, an affiliate and wholly-owned subsidiary of PIMCO.
5 Assets reflect those managed on behalf of third-party clients and exclude affiliated assets. Fund of funds assets have been netted from each strategy. Potential differences in asset totals are due to rounding.
Alternatives Billions ($)
Diversifying Absolute Return Global macro, long/short credit, relative value commodities, alternative risk premia, and insurance linked securities 13.81
Alternative Credit & Private Strategies# Opportunistic vintage, private lending, semi-liquid evergreen, and specialty mandates 33.14
Asset Allocation
Asset Allocation Strategies Global Core Asset Allocation, All Asset, EM Multi Asset, RealPath, Inflation-Response Multi Asset, DRA 46.30
Equities
Equity Strategies StocksPLUS®, systematic value, and smart beta equities 32.62
Real Return
Real Return Strategies Inflation linked strategies, actively managed commodities, and real-estate linked exposure 56.45
Fixed Income
Total Return1-2 Total Return 86.94
Intermediate2 Core Strategies, Moderate Duration 115.07
Credit Investment Grade Credits, Bank Loans, High Yield 277.97
Long Duration Focus on long-term bonds; asset liability management 190.58
Income Income-oriented, insurance income 302.60
Global International and global multiple currency formats 129.01
Liquidity Management2 Money Market, Short-Term, Low Duration 139.36
Liquid Absolute Return Dynamic Bond strategies, Credit Opportunities Bond, other absolute return strategies 14.52
Emerging Markets Local debt, external debt, currency 36.39
Mortgages Agency MBS, structured credit (non-Agency MBS, CMBS, and ABS) 57.34
Diversified Income Global credit combining corporate and emerging markets debt 34.26
Municipals4 Tax-efficient total return management 42.76
Other Custom mandates 14.32
Total assets under management5 $ 1,623.44 B
Stable Value2 Stable income with emphasis on principal stability 25.19
Tail-Risk Hedging3 Pooled and customized portfolios of actively managed tail-risk hedges 27.00
77
Snapshot of our APAC business
Strong regional presence with 6 offices and relationships across 14 countries
As of 31 December 2020. SOURCE: PIMCO
Serviced AUM percentages may vary due to rounding differences.
Institutional 75.6%
Retail 24.4%
Total AUM $278.4 bn
AUM by Segment
Japan 47.4%
Asia ex Japan 35.2%
Australia 17.4%
Total AUM $278.4 bn
AUM by Region
Total Employees 85
Investment Professionals 30
Serviced AUM 47.4%
TOKYO (1997)
Total Employees 43
Investment Professionals 20
Serviced AUM 17.4%
SYDNEY (1997)
Total Employees 75
Investment Professionals 31
Serviced AUM 22.7%
HONG KONG (2006)
Total Employees 55
Investment Professionals 10
Serviced AUM 10.8%
SINGAPORE (1996)
Total Employees 23
Investment Professionals 9
Serviced AUM 1.8%
TAIPEI (2018)
Total Employees 5
Investment Professionals 1
SHANGHAI (2019)
88
PIMCO’s people and teams
The depth and breadth of PIMCO’s resources are exceptional
As of 31 March 2021
*Investment Committee Chair rotates between the Group CIO and CIOs
1 Effective 31 October 2017, PIMCO began reporting the Client Solutions and Analytics teams separately. Previously, these professionals were members of the PM Analytics team.
Please note that certain PMs contribute to multiple strategies and may be included in more than one strategy team PM headcount.
2 The Credit Analyst Team includes Distressed Credit team members whose function serves a dual role as Credit Analyst and Portfolio Manager
3 Certain PIMCO personnel who will provide investment advice to the private funds are separated by an information barrier that has been established between the private side of the Alternatives platform (the “Special Alternatives Group”) and PIMCO’s
public-side trading floor. As a result, communications between the Special Alternatives Group and PIMCO’s public side investment professionals are subject to certain restrictions as set forth in PIMCO’s policies and procedures pertaining to MNPI and
information barriers.
Portfolio Management Structure
Investment Committee*
Americas Portfolio Committee
European Portfolio Committee
Asia-Pacific Portfolio Committee
Emerging Markets Portfolio Committee
Active
EquitiesJohn Devir
1 PMs
Risk
ManagementSudi Mariappa
13 portfolio risk managers
Short-TermJerome Schneider
13 PMs
Quantitative
PortfoliosNick Granger
11 PMs
Real ReturnNic Johnson/Steve
Rodosky/Lorenzo Pagani8 PMs
MunicipalsDave Hammer
12 PMs
Portfolio
Analytics1
Ravi Mattu65 analysts
Long Duration/
LDIMike Cudzil/Mohit Mittal
10 PMs
Liquid ProductsSteve Rodosky
13 PMs
High YieldJon Horne/Andrew Jessop
14 PMs
Investment
Grade CreditMark Kiesel
23 PMs
Global Mortgage
CreditDan Ivascyn
60 PMs
Asset AllocationMarc Seidner/Erin Browne/
Geraldine Sundstrom/
Emmanuel Sharef
8 PMs
Bank
LoanDavid Forgash
8 PMs
Emerging
MarketsPramol Dhawan
27 PMs
Enhanced EquitiesMohsen Fahmi/Jing
Yang/Bryan Tsu
10 PMs
Credit
ResearchChristian Stracke
68 analysts2
Our People
250+Portfolio managers with 17 years
average investment experience
14Sector specialty desks covering the
global fixed income spectrum
110+Alternatives Portfolio Managers3
Analysts2 on our industry-leading
credit research team
77
Orga_25
GlobalAndrew Balls
14 PMs
99
PIMCO’s portfolio management committee teams
ASIA-PACIFIC
PORTFOLIO COMMITTEE
AMERICAS PORTFOLIO
COMMITTEE
EUROPEAN PORTFOLIO
COMMITTEE
EMERGING MARKETS
PORTFOLIO COMMITTEE
Adam Bowe Rob Mead Del Anderson Emmanuel Sharef Andrew Balls Lorenzo Pagani Yacov Arnopolin4 Javier Romo
Stephen Chang² Javier Romo Allison Boxer Bryan Tsu4 Peder Beck-Friis Eve Tournier Kofi Bentsi Nik Skouloudis
Sachin Gupta Aaditya Thakur Libby Cantrill Tiffany Wilding4 Philippe Bodereau Konstantin Veit2 Mike Davidson Mihaela Yankova
Tadashi Kakuchi Cedric Zhao Nathan Chiaverini Amit Agrawal3 Andrew Bosomworth Brittany Subers3 Pramol Dhawan4 Allison Boxer3
Tomoya Masanao Daniel He Niranjan Nagwekar3 Gene Frieda Avi Tillu3 Ran Duan Avi Tillu3
Lillian Lin John Pollakowski3 Nicola Mai Charles Watford3 Mohsen Fahmi Brian Holmes3
Vinayak Seshasayee4 Catherine Xiao3 Nidhi Nakra Gene Frieda Rahul Garg3
Ismael Orenstein Alfred Murata3
Lupin Rahman
CIOs
Andrew Balls Mark Kiesel Scott Mather Marc Seidner
CIO Global Fixed Income CIO Global
Credit
CIO US Core Strategies CIO Non-Traditional
Strategies
Group Chief Investment Officer
Dan Ivascyn
As of 29 January 2021
IC Chair rotates between the Group CIO and CIOs
¹IC rotating members
²Portfolio Committee Chair
³Committee Rotating Member4Portfolio Committee Co-chair
ADDITIONAL INVESTMENT COMMITTEE MEMBERS
Tony Crescenzi Chris Dialynas Mohsen Fahmi Joachim Fels Sudi Mariappa Qi Wang
Erin Browne¹ Nic Johnson¹ Mohit Mittal1 Geraldine Sundstrom1 Tiffany Wilding¹
1010
PIMCO's investment philosophy and process
As of 31 March 20211The Credit Analyst Team includes Distressed Credit team members whose function serves a dual role as Credit Analyst and Portfolio Manager
GIGC_stru_3683_01
Philosophy
• Active management
• Focus on long term
• Diversified sources
of return
• Risk management emphasis
• Solutions orientation
• Bottom-up and top-down
insights
Firmwide framework for discussion and debate
Annual Secular Forum
Long term 3–5 year trends
Quarterly Cyclical Forum
6–12 month GDP/inflation forecasts
Forums attended by senior advisors to the firm:
Ben Bernanke, Michael Spence, Gene Sperling
GLOBAL INVESTMENT COMMITTEE (IC)
Portfolio
construction
SPECIALTY DESKS
Governments Global Equities
Mortgage / ABS EM Fixed Income
Credit (IGC) Municipals
High Yield/ Bank
LoansShort-Term
Global Fixed Income Asset Allocation
Long Duration Inflation / Real Return
PORTFOLIO RISK MANAGEMENT
LEGAL AND COMPLIANCE
COMMITTEE FRAMEWORK
Americas Portfolio Committee (AmPC)
European Portfolio Committee (EPC)
Asia-Pacific Portfolio Committee (APC)
Emerging Markets Portfolio Committee (EMPC)
GROUP CHIEF INVESTMENT OFFICER
5 Chief Investment Officers
250+ Portfolio Managers
65 Portfolio Analytics / Asset Experts
35 Client Solutions & Analytics Analysts
77 Credit Research Analysts1
Leveraging bottom-up and top-down expertise
1111
Forums: Identifying themes that anchor portfolio construction
SOURCE: PIMCORefer to Appendix for additional investment strategy, outlook and risk information.
PIMCO_Phil_05
PIMCO
Forum
Ou
tlo
ok
FuturePast
Cyclical
Trend
Secular
Trend
Quarterly cyclical forum
(6–9 month outlook)
G-3 / emerging market inflation and GDP
forecasts and fine tune the secular outlook
Annual secular forum
(3–5 year outlook)
Assess long-term trends: demographics, political
factors, globalisation of trade and capital,
productivity / technology
1212
2006 2010 2014 2018 2022
PIMCO’s Secular Outlook Themes
As of September 2020. SOURCE: PIMCO
Refer to Appendix for additional outlook and risk information.
PIMCO 2009:
“New Normal”
Le
ve
l o
f re
al glo
ba
l G
DP
(sty
lize
d)
PIMCO 2019:
“Dealing with
Disruption”
?
Cyclical outlook:
“The Long Climb”
PIMCO 2020:
“Escalating Disruption”
1313
PIMCO Global Advisory Board
orga_03
Insights from market and policy experts to complement our investment process
• Members meet several times per year and attend PIMCO’s Secular Forum
• Board offers collective views on global economic, political and strategic developments
• Inform but not change PIMCO’s longstanding investment process
Joshua Bolten
President and CEO of the Business Roundtable, and former White House Chief of Staff
Ben Bernanke | Chair of the Board
Former Federal Reserve Chair, and scholar at the Brookings Institution
2000 and 2015 PIMCO Secular Forum speaker, “Perspectives on the Secular Outlook”
Mark Carney
UN Special Envoy on Climate Action and Finance, former Governor of the Bank of England and the Bank of Canada
Gordon Brown
Former UK Prime Minister and Chancellor of the Exchequer
2011 PIMCO Secular Forum speaker, “Evolution of the international monetary system over the next few years”
Ng Kok Song
Former Group Chief
Investment Officer
of the Government of
Singapore Investment
Corporation (GIC)
As of March 2021. SOURCE: PIMCO
Michèle Flournoy
U.S. defense policy
and national security
expert, former U.S.
Under Secretary of
Defense for Policy
1414
Cultivating new investment strategies that aim to deliver diversified sources of alpha to our
clients
PIMCO product evolution
Enhanced equity
Emergingmarkets
Real assets
Global rates
Global platform
CultureThought
leadership
PIMCO process
Credit MBSU.S. rates
Asset allocation
Quant strategies
Private credit
Real
estate
PIMCO’s expertise is built
on an investment process
honed over 45+ years
Refer to Appendix for additional investment strategy and risk information.
Client-centric culture
Examples by decade
1970s PIMCO is founded in 1971 and pioneers
a total return approach to bond investing
1980s PIMCO introduces StocksPLUS strategies
groundbreaking portable alpha strategies
1990s PIMCO launches the first Treasury
Inflation-Protected Securities (TIPS)-
focused strategy on the same day as the
first TIPS auction
2000s PIMCO launches Alternatives, including
hedge funds and opportunistic strategies, to
meet client demand for PIMCO expertise in
such areas as global macro, real estate, and
distressed debt
2010s PIMCO launches dedicated quantitative
strategies, leveraging industry-leading
analytics and risk management in an effort
to deliver new sources of alpha to clients
1515
Clients stand to benefit from PIMCO’s scale
As of 31 March 2021. SOURCE: PIMCO
* The Credit Analyst Team includes Distressed Credit team members whose function serves a dual role as Credit Analyst and Portfolio Managers
Portfolio Management
• 250+ PMs (average of
17 years investment
experience)
• 100+ Investment
Professionals dedicated to
Private Strategies
• 75+ credit analysts*
• 14 sector specialty desks
• Global Advisory Board
(Chair: Dr. Ben Bernanke)
Operations and Technology
• Global trading capabilities
• Technologists
Risk Management
• 24-hour risk support globally
• Proprietary risk analytics
Client Service and Solutions
• 243 Client Managers
• 69 Product Strategists
• 7 Korea AM Team Members
dedicated to Client Service
(Korean Speakers)
Access best opportunities
Expertise across sectors
Comprehensive monitoring
Expertise across markets
Minimize transaction costs
Capture opportunities 24/7
Exceptional service
Bespoke investment solutions
Credit/PM Analytics/pimco.com Account Management, PSG, Client solutions
and ana
Office & Department headcount
1616
Appendix
Past performance is not a guarantee or a reliable indicator of future results.
FORECAST
Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of
any financial instrument. Forecasts and estimates have certain inherent limitations, and unlike an actual performance record, do not reflect actual trading, liquidity constraints, fees, and/or other costs. In
addition, references to future results should not be construed as an estimate or promise of results that a client portfolio may achieve.
INVESTMENT STRATEGY
There is no guarantee that these investment strategies will work under all market conditions and each investor should evaluate their ability to invest for a long-term especially during periods of downturn in the
market. No representation is being made that any account, product, or strategy will or is likely to achieve profits, losses, or results similar to those shown.
OUTLOOK
Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all
market conditions or are suitable for all investors and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Outlook and strategies are subject
to change without notice.
RISK
Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest
rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate
environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than
the original cost when redeemed. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be suitable for all investors. Currency rates may fluctuate
significantly over short periods of time and may reduce the returns of a portfolio. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a
position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Equities may decline in value due to both real and perceived general market,
economic and industry conditions. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be
enhanced in emerging markets. Sovereign securities are generally backed by the issuing government. Obligations of U.S. government agencies and authorities are supported by varying degrees, but are
generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value. High yield, lower-rated securities involve greater risk than
higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Mortgage- and asset-backed securities may be sensitive to changes
in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations.
Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Swaps are a type of derivative; swaps are increasingly subject to central clearing and
exchange-trading. Swaps that are not centrally cleared and exchange-traded may be less liquid than exchange-traded instruments. Inflation-linked bonds (ILBs) issued by a government are fixed income
securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the
U.S. government. Certain U.S. government securities are backed by the full faith of the government. Obligations of U.S. government agencies and authorities are supported by varying degrees but are
generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value.
INDEX DESCRIPTIONS
It is not possible to invest directly in an unmanaged index.
This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be
considered as investment advice or a recommendation of any particular security, strategy or investment product. Statements concerning financial market trends are based on current market conditions, which
will fluctuate. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other
publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO
PIMCO Asia Limited, Suite 2201, 22nd floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong, 852-3650-7700
GIGC_appendix_01_euro