PF Currency Strategies Fund

C000120414 Fund Overview

PF Currency Strategies Fund is a US mutual fund managed by Pacific Funds Series Trust, categorised as Emerging Markets Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Pacific Funds Series Trust
• Category: Emerging Markets Equity
• Assets under management: $50.05M
• SEC CIK: 0001137761
• SEC series ID: S000039141
• Share class ID: C000120414

C000120414 Investment Objective and Strategy

PF Currency Strategies Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pacific Funds Series Trust.

Investment objective

This Fund seeks to provide total return.

Principal investment strategy

Currency Strategies in the Funds name refers to the Funds strategy to provide exposures to global currencies, which may include the U.S. dollar and currencies of other developed countries and emerging market countries, to seek to provide total return based on each sub-advisers outlook for such currencies. Under normal market conditions, the Fund principally invests in derivatives and high quality debt securities to establish exposures to global currencies. The Fund may have significant investment exposure to a single currency, a small number of currencies, or currencies in a particular geographic region. Typically, a portion of the Funds assets will be invested in emerging market currencies. Pacific Life Fund Advisors LLC (PLFA), the investment adviser for the Fund, allocates the Funds assets between two sub-advisers: UBS Asset Management (Americas) Inc.

(UBS) and Macro Currency Group (MCG). PLFA may change the allocation between the sub-advisers at any time, in its judgment, to help seek to achieve the Funds investment goal. The performance of the Fund is generally expected to have low to moderate correlation with the performance of traditional equity and debt investments over long-term periods. However, the actual performance of the Fund may be correlated with those traditional investments over short- or long-term periods. The Fund is generally intended to complement a balanced portfolio of traditional equity and debt investments as a means of seeking diversification and is not intended to be a complete investment program. Each sub-adviser employs a different approach to managing global currency strategies. Each sub-adviser seeks to gain positive (or long) exposure to currencies that it believes are undervalued and negative (or short) exposure to currencies that it believes are overvalued, and will primarily use non-deliverable forward foreign currency contracts (NDFs) and currency options, each a type of derivative, to obtain these exposures, as well as hold foreign currencies in the Fund.

NDFs and currency options may also be used to hedge against currency fluctuations by offsetting or reducing exposure to a particular currency. The Fund typically experiences gains when currencies in which the Fund has long positions (or positive exposure) appreciate relative to the currencies in which the Fund has short positions (or negative exposure). The Fund typically incurs a loss when currencies in which it has short positions appreciate relative to the currencies in which the Fund has long positions. Each sub-adviser uses derivatives in a way that has a leveraging effect on the Fund. This means that the derivative positions may expose the Fund to potential gain or loss in an amount that exceeds the amount invested to establish or maintain the derivative contract, often by several times the value of the Funds assets.

Because the Funds use of leverage may be significant, the Fund may be more volatile than many other funds. With respect to the portion of the Fund invested in debt securities, the Fund may invest in cash deposits and short-term high quality U.S. and non-U.S. government debt securities for short-term investment, cash management purposes and to maintain asset coverage requirements for the Funds derivative positions. UBS managed portion: When analyzing a potential investment opportunity and the desired amount of exposure, UBS considers the economic and investment outlook for the opportunity and the degree of risk the Fund may assume relative to the potential return on such investment in order to maximize the risk-adjusted return for UBS portion of the Fund. UBS may also consider quantitative factors to decide whether to increase or decrease currency exposures.

MCG managed portion: MCG identifies investment opportunities through the application of both quantitative and qualitative approaches. MCG manages a part of its portion of the Fund under a quantitative approach that is used for its longer term systematic strategy. MCG uses this systematic strategy to seek to capture longer-term fundamental shifts in currency movements (typically a twelve month horizon). MCG may purchase currency options to hedge against changes in currency values for this part of the portfolios currency exposure. MCG manages the other part of its portion of the Fund under a qualitative approach that is used for its shorter-term discretionary investment strategy. MCG uses this discretionary strategy to seek to identify and take advantage of macroeconomic themes that influence exchange rates within a shorter time horizon than the systematic strategy (typically a two week to six month horizon).

MCG also applies a liquidity screen to all positions, favoring more liquid currency positions than those that are less liquid, in seeking to attain a high degree of liquidity within MCGs portion of the Fund. The Fund is classified as non-diversified, which means it may invest in a smaller number of issuers than a diversified fund.

C000120414 Costs and Fees

C000120414 costs about $92 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.92%
• Gross expense ratio: 0.92%
• Portfolio turnover: 97%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000120414 Cashflows

Over the 12 months to 2019-12, PF Currency Strategies Fund had net inflows of $22.85M, from monthly SEC N-PORT filings.

C000120414 Debt Constituents

No individual debt constituents are reported in PF Currency Strategies Fund's latest SEC N-PORT filing.

C000120414 Prospectus and SEC Filings

Official PF Currency Strategies Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-08-08
• Prospectus (485BPOS) — filed 2018-08-08
• Prospectus (485BPOS) — filed 2017-08-11
• Portfolio holdings (N-PORT) — filed 2020-02-25
• Portfolio holdings (N-PORT) — filed 2019-11-27
• Annual census (N-CEN) — filed 2019-06-12

Related Funds

Other Emerging Markets Equity funds tracked on ABC INVEST:

• T-Rex 2x Inverse Tsm Daily Target ETF (TSMD)
• Unlimited HFEM Emerging Markets ETF (HFEM)
• Unlimited HFEV Event Driven ETF (HFEV)
• VictoryShares Pioneer Active Credit ETF (VPAC)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.