PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A
PFOAX
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- PIMCO International Bond Fund (U.S. Dollar-Hedged) Class A (PFOAX) is an open-end mutual fund that seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund invests under normal circumstances at least 80% of its assets in fixed income instruments, primarily investment-grade non-U.S. dollar denominated investment grade bonds from external issuers with an average portfolio duration of three to seven years; it may allocate up to 10% in high yield (junk) bonds and employs U.S. dollar currency hedging to mitigate foreign exchange risk. Its portfolio emphasizes government-related securities, cash equivalents, futures/forwards, and agency mortgage-backed securities, with top holdings including interest rate swaps such as IRS EUR 2.25000 09/17/25-5Y LCH Receive and CDX IG44 5Y ICE, alongside significant exposures to non-U.S. bonds (137.72%), U.S. bonds (22.51%), and derivatives for hedging and yield enhancement. The fund operates within the global bond-USD hedged category, targeting institutional and retail investors seeking diversified international fixed income exposure with reduced currency volatility. Launched on January 20, 1997, and domiciled in the United States, PFOAX forms part of the PIMCO Funds family managed by Pacific Investment Management Company LLC (PIMCO), a subsidiary of Allianz SE founded in 1971 and headquartered in Newport Beach, California. PIMCO oversees the fund through a team of portfolio managers including Andrew Balls (since September 26, 2014), Lorenzo Pagani (since September 26, 2014), and Sachin Gupta (since September 26, 2014), with total net assets under management for the share class at approximately $542.43 million and overall fund assets at $16.69 billion as of the latest reporting. The fund is available for sale in the United States, with a net expense ratio of 0.97%, a 3.75% front-end load, and minimum initial investment of $1,000. Recent developments include sustained portfolio adjustments to navigate interest rate environments, with year-to-date returns of 2.11% and one-year returns of 6.19% as of June 30, 2025, reflecting active management amid global bond market shifts. PIMCO, as the fund's manager, announced a strategic partnership with Aditum Investment Management Limited in June 2025 to distribute PIMCO Income strategies via UAE-registered feeder funds, enhancing access for Middle East wealth investors, and raised over $7 billion in December 2025 for a new asset-based finance strategy targeting insurance companies and high-net-worth individuals. Additionally, PIMCO entered a strategic partnership with KKR and Harley-Davidson in 2025 involving equity stakes and asset sales in Harley-Davidson Financial Services, alongside ongoing mergers of certain PIMCO Canada funds approved in December 2024. These initiatives underscore PIMCO's expansion in alternative fixed income and regional distribution while maintaining PFOAX's focus on hedged international bonds.