PIMCO Multi-Strategy Alternative Fund

Data updated: 2021-06-10

C000149434 — PIMCO Multi-Strategy Alternative Fund. Commodity · $30.00M AUM · 1.57% expense ratio. Holdings, fees, performance and SEC filings.

C000149434 Fund Overview

PIMCO Multi-Strategy Alternative Fund is a US mutual fund managed by PIMCO Funds, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: PIMCO Funds
Category: Commodity
Assets under management: $30.00M
1-year return: 10.1%
SEC CIK: 0000810893
SEC series ID: S000047599
Share class ID: C000149434

C000149434 Investment Objective and Strategy

PIMCO Multi-Strategy Alternative Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by PIMCO Funds.

Investment objective

The Fund seeks maximum total return, consistent with prudent investment management.

Principal investment strategy

"The Fund seeks to achieve its investment objective by investing under normal circumstances in multiple alternative strategies, which may be represented by a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the ""1940 Act""), Fixed Income Instruments, equity securities, forwards or derivatives, such as options, futures contracts or swap agreements. ""Fixed Income Instruments"" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. The Fund will invest at least 75% of its net assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except funds of funds, or shares of any funds of the PIMCO ETF Trust, an affiliated investment company (collectively, ""Underlying PIMCO Funds""), and may also invest in other affiliated and unaffiliated funds (collectively, ""Acquired Funds"").

Alternative strategies may be represented by, but not limited to, the following Underlying PIMCO Funds: PIMCO Dynamic Bond Fund, PIMCO Credit Opportunities Bond Fund, PIMCO Mortgage Opportunities and Bond Fund, PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO EqS Long/Short Fund, PIMCO RAE Worldwide Long/Short PLUS Fund, and PIMCO TRENDS Managed Futures Strategy Fund. The Fund may invest in any or all of the Underlying PIMCO Funds, but will not normally invest in every Underlying PIMCO Fund at any particular time. The Fund's investment in a particular Underlying PIMCO Fund normally will not exceed 50% of its net assets. The Fund may obtain exposure to four separate stock portfolios: RAE US Large Model Portfolio, RAE Low Volatility US Model Portfolio, RAE Low Volatility Emerging Markets Model Portfolio and RAE Low Volatility International Model Portfolio (each, a ""RAE Model Portfolio,"" and collectively, the ""RAE Model Portfolios"").

The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC (""Sub-Adviser""), from a broad universe of companies which satisfy certain liquidity and capacity requirements. Under normal circumstances equity total return swaps are used to obtain exposure to the RAE Model Portfolios. The Sub-Adviser uses the RAE (""RAE"") methodology as a starting point for portfolio construction. The RAE methodology is a non-capitalization method of creating and weighting an index of equity securities, within a defined market, that seeks to eliminate the potential overweighting of overpriced equity securities and underweighting of underpriced equity securities associated with market-capitalization equity indexes. Selections are further refined through the use of additional analytic measures and processes designed to achieve enhanced risk-adjusted returns including measures of financial health and adjustments that take momentum into account, among other factors.

Actual stock positions in the RAE Model Portfolios, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The Sub-Adviser provides investment advisory services in connection with the Fund's swap-based exposure to the RAE Model Portfolios by, among other things, providing Pacific Investment Management Company LLC (""PIMCO""), or counterparties designated by PIMCO, with the relevant RAE Model Portfolio for purposes of developing equity total return swaps based on that RAE Model Portfolio. In a typical swap agreement, the Fund will receive the total return of the relevant RAE Model Portfolio from the counterparty to the swap agreement in exchange for paying the counterparty an agreed upon short-term interest rate. Because the RAE Model Portfolios are proprietary portfolios, there may be a limited number of counterparties willing or able to serve as counterparties to a swap agreement.

If such swap agreements are not available, or if swap pricing is unattractive or for other reasons, the Fund may invest in other instruments, ""baskets"" of stocks, or individual securities to replicate the performance of the relevant RAE Model Portfolio. The Fund may invest up to 25% of its total assets in commodity-related investments (including Underlying PIMCO Funds such as the PIMCO CommoditiesPLUS Strategy Fund and PIMCO CommodityRealReturn Strategy Fund). The Fund may invest in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. The Fund may invest in high yield securities (""junk bonds""). The Fund may invest in securities and instruments that are economically tied to emerging market countries. The Fund may invest in derivative instruments, such as options, futures contracts, options on futures and fixed income swap agreements, subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information.

The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. Additional information for the Underlying PIMCO Funds can be found in the Statement of Additional Information and/or the Underlying PIMCO Funds' prospectuses and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without shareholder notification."

C000149434 Performance

Total returns for C000149434 (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	10.1%

C000149434 Risk Information

Risk metrics for C000149434, derived from monthly returns in SEC filings.

1-year volatility (annualised): 2.5%

C000149434 Costs and Fees

C000149434 costs about $157 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.57%
Gross expense ratio: 2.29%
Portfolio turnover: 146%
Brokerage commissions: 0.17 bps of average net assets (SEC N-CEN)

C000149434 Cashflows

Over the 12 months to 2021-03, PIMCO Multi-Strategy Alternative Fund had net inflows of $150.05M, from monthly SEC N-PORT filings.

Month	Net flow
2021-03	$7.93M
2021-02	$23.21M
2021-01	$2.33M
2020-12	$7.56M
2020-11	$39.52M
2020-10	$5.76M

C000149434 Debt Constituents

No individual debt constituents are reported in PIMCO Multi-Strategy Alternative Fund's latest SEC N-PORT filing.

C000149434 Prospectus and SEC Filings

Official PIMCO Multi-Strategy Alternative Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Commodity funds tracked on ABC INVEST:

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.