PIMCO High Yield Fund
PHIYX
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- PIMCO High Yield Fund (PHIYX) is an open-end mutual fund that seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in high yield investments, including junk bonds rated below investment grade by Moody's, S&P or Fitch (or unrated securities of comparable quality determined by PIMCO); derivative instruments such as options, futures contracts, forwards and swap agreements; mortgage- or asset-backed securities; and up to 20% in securities rated Caa or lower by Moody's or equivalent. The fund may also allocate up to 10% of its assets to preferred securities and employs active management techniques including buybacks and dollar rolls to pursue both income and capital appreciation from interest rate changes, foreign currency movements or improving credit fundamentals. Institutional class shares (PHIYX), with a minimum investment of $1 million and an expense ratio of 0.56%, primarily serve institutional investors seeking exposure to the U.S. high yield bond market. Launched on December 15, 1992, the fund operates as part of PIMCO Funds managed by Pacific Investment Management Company LLC (PIMCO), a subsidiary of Allianz SE headquartered at 840 Newport Center Drive, Newport Beach, California. PIMCO, founded in 1971, oversees the fund within its broader fixed income platform, which manages over €2.5 trillion in third-party assets globally across 22 offices in the Americas, Europe and Asia; the High Yield Fund focuses on diversified U.S. dollar-denominated high yield securities with holdings such as CDX HY44 and HY45 index derivatives, U.S. Treasury futures, SOFR swaps and corporate bonds from issuers like Alliant Holdings Intermediate LLC and American Airlines. Recent developments include PIMCO's strategic partnership announced in July 2025 with KKR and Harley-Davidson Financial Services, under which PIMCO acquired a minority equity interest in HDFS to expand into asset-based finance and private credit opportunities, leveraging its expertise in high yield and structured products. In December 2025, PIMCO raised fresh capital across multiple funds for asset-based loans backed by residential and financial assets, targeting insurers and highlighting continued expansion in credit strategies amid evolving rate environments. The fund maintained stable operations with no reported reorganizations, name changes or product shifts specific to PHIYX, while delivering a 4.02% year-to-date return and 5.72% trailing 12-month dividend yield as of mid-2025.