PIMCO International Bond Fund (U.S. Dollar-Hedged)
PFBPX
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USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- New York NY 10019 New York NY United States of America 10019
- IPO Date
- Apr 30, 2008
- CIK
- 0000810893
- Website
- pimco.com
- Similar Companies
- Business
- PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFBPX) is an open-end mutual fund that seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing primarily in a diversified portfolio of investment grade fixed income instruments denominated in non-U.S. currencies, with all foreign currency exposure hedged back to the U.S. dollar. The fund normally invests at least 80% of its assets in fixed income instruments, which may include sovereign bonds, government-related bonds, corporate bonds, mortgage-backed securities, futures, forwards, and derivatives; up to 10% may be allocated to high yield (junk) bonds as rated by Moody's, S&P, or Fitch. Core holdings feature significant exposure to non-U.S. bonds (approximately 127%), U.S. bonds (25%), government-related securities (144%), agency mortgage-backed securities, cash equivalents, and derivatives such as interest rate swaps and Euro BTP futures, with top positions including IRS EUR swaps, Federal National Mortgage Association securities, and SOFR forwards. Launched on April 30, 2008, as a Class I-2 share class with a minimum initial investment of $1 million, the fund is domiciled in the United States and managed by a team led by Andrew Balls (since September 26, 2014), alongside Lorenzo Pagani and Sachin Gupta, with a net expense ratio of 0.67% and total net assets of approximately $5.36 billion for the share class within PIMCO's broader $16.71 billion fund complex. It operates within the Morningstar Global Bond-USD Hedged category, emphasizing mid credit quality and moderate interest-rate sensitivity, targeting institutional investors seeking USD-hedged international bond exposure across developed and emerging markets. The fund maintains flexibility for up to 10% in below-investment-grade debt and unlimited emerging markets allocation while benchmarking against the Bloomberg Global Aggregate ex-US Bond Index. PFBPX is managed by Pacific Investment Management Company LLC (PIMCO), founded in 1971 and headquartered in Newport Beach, California, a subsidiary of Allianz SE and a global leader in active fixed income management with over $2 trillion in assets under management. PIMCO, through its investment committee, guides the fund's top-down positioning on sectors, countries, yield curves, and durations, often favoring shorter durations and lighter credit exposure amid rate volatility. The fund is available for sale in the United States with daily pricing and no front-end or deferred loads. In recent developments, PIMCO announced proposed reorganizations for several closed-end funds in April 2025, expected to complete around August 2025, reflecting ongoing portfolio optimization efforts, though PFBPX as an open-end fund remains unaffected. PIMCO launched new active fixed income UCITS ETFs in December 2025, including global and euro government bond strategies, expanding its hedged bond offerings complementary to funds like PFBPX. Additionally, in February 2025, PIMCO introduced four fixed income ETFs in Australia, enhancing its global active bond product suite amid broadening market access initiatives. The fund's managers maintained a cautious stance on credit risk through 2025, contributing to outperformance versus peers over three-, five-, and ten-year periods ending August 2025.