PPZAX — PIMCO REALPATH Blend 2025 Fund
Data updated: 2025-03-03
PPZAX — PIMCO REALPATH Blend 2025 Fund. Target Date / Glide Path Allocation · $415.04M AUM · 1.13% expense ratio. Holdings, fees, performance and SEC filings.
PPZAX Fund Overview
PPZAX — PIMCO REALPATH Blend 2025 Fund is a US mutual fund managed by PIMCO Equity Series, categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: PIMCO Equity Series
- Category: Target Date / Glide Path Allocation
- Assets under management: $415.04M
- 1-year return: 5.8%
- Ticker: PPZAX
- SEC CIK: 0001479360
- SEC series ID: S000047746
- Share class ID: C000150047
PPZAX Investment Objective and Strategy
PIMCO REALPATH Blend 2025 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by PIMCO Equity Series.
Investment objective
The Fund seeks to maximize total return, consistent with prudent investment management.
Principal investment strategy
"The PIMCO REALPATH Blend 2025 Fund (the ""Fund"") is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2025, the Fund's target year. This is the ""self-elected"" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH Blend Funds is their asset allocation, which varies depending on the number of years left until the ""self-elected"" year of retirement indicated in the PIMCO REALPATH Blend Fund's name. The Fund's allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund's name.
There is no guarantee that the Fund will provide adequate income at and through your retirement. In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation ""glide path""; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the ""1940 Act""), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the ""Trust"") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (""Underlying PIMCO Funds""), and unaffiliated funds that are registered under the 1940 Act (collectively, ""Acquired Funds"").
Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. ""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's long-term asset allocations are based on a ""glide path"" developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.
The Fund's current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date.
The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its portfolio's asset allocation to that of the glide path on a monthly basis. REALPATH Blend Glide Path As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may occur on or after the target year indicated in the Fund's name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH Blend Income Fund.
As part of its investment process, PIMCO expects to seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund's exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective. Once the risk hedging strategies have been determined, PIMCO then evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund's prospectus.
More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds' prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice."
PPZAX Holdings
Top 10 holdings of PIMCO REALPATH Blend 2025 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Vanguard Institutional Index Fund | 21.46% |
| Pimco Funds | 17.34% |
| Pimco Funds | 11.01% |
| Vanguard Developed Markets Index Fund | 10.73% |
| Pimco Funds | 8.92% |
| Pimco Funds | 7.92% |
| Pimco Funds | 4.97% |
| Pimco Funds | 4.95% |
| Vanguard Emerging Markets Stock Index Fund | 4.31% |
| Pimco Funds | 3.20% |
PPZAX Portfolio Allocation
Asset-class allocation of PIMCO REALPATH Blend 2025 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 94.6% |
| Cash & Equivalents | 5.0% |
| Fixed Income | 0.3% |
PPZAX Performance
Total returns for PPZAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 5.8% |
| 3 years (annualised) | -0.8% |
| 5 years (annualised) | 4.3% |
PPZAX Risk Information
Risk metrics for PPZAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.7%
PPZAX Costs and Fees
PPZAX costs about $113 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.13%
- Gross expense ratio: 1.14%
- Portfolio turnover: 27%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PPZAX Cashflows
Over the 12 months to 2024-12, PIMCO REALPATH Blend 2025 Fund had net outflows of $44.85M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-12 | −$1.01M |
| 2024-11 | −$18.12M |
| 2024-10 | −$10.47M |
| 2024-09 | −$3.08M |
| 2024-08 | −$6.32M |
| 2024-07 | −$11.64M |
PPZAX Debt Constituents
Largest debt holdings of PIMCO REALPATH Blend 2025 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Govt | 0.18% |
| United States Govt | 0.08% |
| United States Govt | 0.07% |
PPZAX Prospectus and SEC Filings
Official PIMCO REALPATH Blend 2025 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-10-28
- Prospectus supplement (497) — filed 2024-11-22
- Prospectus supplement (497) — filed 2024-08-28
- Portfolio holdings (N-PORT) — filed 2025-03-03
- Portfolio holdings (N-PORT) — filed 2024-11-27
- Portfolio holdings (N-PORT) — filed 2024-08-29
- Annual census (N-CEN) — filed 2024-09-12
- Annual census (N-CEN) — filed 2023-09-12
Related Funds
Other Target Date / Glide Path Allocation 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.