PTRCX — PIMCO RAE Fundamental Advantage PLUS Fund

PTRCX Fund Overview

PTRCX — PIMCO RAE Fundamental Advantage PLUS Fund is a US mutual fund managed by PIMCO Funds, categorised as Long Securitized (MBS/ABS/CMBS) Bond. 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: Long Securitized (MBS/ABS/CMBS) Bond
• Assets under management: $423.33M
• Ticker: PTRCX
• SEC CIK: 0000810893
• SEC series ID: S000021058
• Share class ID: C000066773

PTRCX Investment Objective and Strategy

PIMCO RAE Fundamental Advantage PLUS 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 under normal circumstances by obtaining long exposure to a portfolio of stocks (""RAE US Large Model Portfolio"") and short exposure to the S&P 500 Index (""S&P 500""), and complementing this equity market neutral exposure with absolute return bond alpha strategy (""AR Bond Alpha Strategy""). The RAE US Large Model Portfolio 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 US Large Model Portfolio and short positions in swaps and futures are used to obtain exposure to the S&P 500. The Fund's strategy of maintaining long exposure to the RAE US Large Model Portfolio and short exposure to the S&P 500 can be characterized as ""market neutral"" because the long and the short exposures are intended to offset one another producing a net equity exposure that is approximately zero.

At the same time, the Fund is designed to deliver the relative appreciation (or depreciation) of the RAE US Large Model Portfolio over the S&P 500. The Sub-Adviser uses the 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 US Large Model Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The Fund typically will seek to simultaneously gain long exposure to RAE US Large Model Portfolio and short exposure to the S&P 500, each in an amount, under normal circumstances, approximately equal to the Fund's net assets. The Sub-Adviser provides investment advisory services in connection with the Fund's swap-based exposure to the RAE US Large Model Portfolio by, among other things, providing PIMCO, or counterparties designated by PIMCO, with the RAE US Large Model Portfolio for purposes of developing equity total return swaps based on the RAE US Large Model Portfolio. In a typical swap agreement, the Fund will receive the total return of the RAE US Large Model Portfolio from the counterparty to the swap agreement in exchange for paying the counterparty an agreed upon short term interest rate.

The Fund will typically invest in short S&P 500 futures and/or total return swaps that provide the inverse of the total return of the S&P 500 index plus a short term interest rate. Because the RAE US Large Model Portfolio is a proprietary portfolio, 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 RAE US Large Model Portfolio relative to the S&P 500. The Fund seeks to maintain long exposure to the RAE US Large Model Portfolio and short exposure to the S&P 500 even when the value of the RAE US Large Model Portfolio is underperforming relative to the S&P 500.

In managing the Fund's investments in the AR Bond Alpha Strategy, PIMCO seeks to outperform any residual net cost of obtaining long exposure to the RAE US Large Model Portfolio and short exposure to the S&P 500, thereby enhancing the Fund's total return and return versus the benchmark (sometimes referred to as ""alpha""). The AR Bond Alpha Strategy invests in a diversified portfolio of Fixed Income Instruments, which may be represented by 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 AR Bond Alpha Strategy is not designed to systematically provide bond market exposure, although the returns may (or may not) be positively correlated with the returns of the bond market.

The AR Bond Alpha Strategy seeks to maintain an overall portfolio duration which normally varies from (negative) 3 years to positive 8 years based on PIMCO's market forecasts among other factors. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. In addition to duration, the AR Bond Alpha Strategy has flexibility with respect to overall sector exposures, non-U.S. exposures and credit quality, both as a function of the strategy's investment guidelines and lack of a bond market index benchmark. The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities subject to applicable law and any other restrictions described in the Fund's prospectus or Statement of Additional Information.

The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may invest up to 20% of its total assets in high yield securities (""junk bonds""), as rated by Moody's Investors Service, Inc. (""Moody's""), Standard & Poor's Ratings Services (""S&P"") or Fitch, Inc. (""Fitch""), or, if unrated, as determined by PIMCO. The Fund may also invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. With respect to the AR Bond Alpha Strategy, the Fund may invest up to 25% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation).

The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 35% of its total assets. The Fund will normally limit its exposure (from non-U.S. dollar-denominated securities or currencies) to each non-U.S. currency to 10% of its total assets. The Fund will normally limit its aggregate U.S. dollar exposure from transactions or instruments that reference the relative return of a non-U.S. currency or currencies as compared to the U.S. dollar to 20% of its total assets. The Fund may also invest up to 10% of its total assets in preferred securities."

PTRCX Holdings

Top 10 holdings of PIMCO RAE Fundamental Advantage PLUS Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all PTRCX holdings

PTRCX Portfolio Allocation

Asset-class allocation of PIMCO RAE Fundamental Advantage PLUS Fund by percentage of net assets, from the latest SEC N-PORT filing.

PTRCX Performance

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

PTRCX Risk Information

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

• 1-year volatility (annualised): 8.4%

PTRCX Costs and Fees

PTRCX costs about $211 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.11%
• Gross expense ratio: 2.11%
• Portfolio turnover: 443%
• Brokerage commissions: 0.81 bps of average net assets (SEC N-CEN)

PTRCX Cashflows

Over the 12 months to 2026-06, PIMCO RAE Fundamental Advantage PLUS Fund had net outflows of $29.79M, from monthly SEC N-PORT filings.

PTRCX Debt Constituents

Largest debt holdings of PIMCO RAE Fundamental Advantage PLUS Fund by percentage of net assets, from the latest SEC N-PORT filing.

PTRCX Prospectus and SEC Filings

Official PIMCO RAE Fundamental Advantage PLUS Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-07-25
• Prospectus supplement (497) — filed 2024-01-08
• Prospectus supplement (497) — filed 2023-10-02
• Portfolio holdings (N-PORT) — filed 2026-08-31
• Portfolio holdings (N-PORT) — filed 2026-05-29
• Portfolio holdings (N-PORT) — filed 2026-03-02
• Annual census (N-CEN) — filed 2026-06-11
• Annual census (N-CEN) — filed 2025-06-13

Related Funds

Other Long Securitized (MBS/ABS/CMBS) Bond funds tracked on ABC INVEST:

• PIMCO Income Fund (PONAX)
• Bridge Builder Core Plus Bond Fund (BBCPX)
• iShares MBS ETF (MBB)
• Guggenheim Total Return Bond Fund (GIBAX)
• Janus Henderson AAA CLO ETF (JAAA)

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.