Total return: distributions reinvested. In USD, the currency of the share class shown. Fund history to 29.09.2026. Benchmark history to 28.09.2026. The table shows each series at its own ending date; the comparison periods are not identical. Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN IE00B3DD5P64, currency USD, retail share class
1.87
3.49
3.16
7.65
16.80
0.39
9.21
11.93
9.44
4.88
5.75
0.81
-3.92
BenchmarkUSD 3-month deposit + 4%
0.65
1.94
3.92
5.22
8.59
9.60
9.42
8.09
8.91
8.00
–
–
–
Differencefund minus benchmark, in percentage points
1.22
1.55
-0.76
2.44
8.21
-9.21
-0.22
3.84
0.53
-3.12
–
–
–
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (25 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
This fund
Group median
Position
Return 1Y
11.93
9.40
10 of 25
Return 3Y p.a.
9.44
11.35
16 of 25
3Y p.a. over its own benchmark
0.53
2.46
17 of 25
Volatility 3Y
5.75
5.42
14 of 25
Sharpe ratio 3Y
0.81
1.34
25 of 25
Max drawdown 3Y
-3.92
-3.40
17 of 25
Management fee
1.75%
1.01%
22 of 23 (2 without a value)
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
The fund is designed to maximise total return through income and capital growth by investing in emerging markets short-term local currency fixed income and currencies. It is classified as a UCITS fund with a summary risk indicator of 3 out of 7 and a recommended holding period of 3 years. The intended retail investor is someone seeking diversified exposure to fixed income markets economically tied to emerging market countries, willing to accept the risks and volatility of those markets, and investing over the medium to long term. Based on its specific focus on emerging market local currencies, short duration and high interest rate exposure, it is a distinct specialist allocation rather than a broad developed-market bond holding.
Investment strategy
The fund aims to maximise total return using prudent investment management principles by investing primarily in a range of currencies and fixed income securities and instruments issued by governments and companies from emerging markets around the world. The factsheet states it invests at least 80% of assets in currencies and short-duration bonds denominated in developing-country currencies, while the KID adds that under normal market conditions average portfolio duration is not expected to exceed two years; reported effective duration is 0.53 years and effective maturity is 0.97 years. Securities may be investment grade and non-investment grade, and the fund may invest directly in currencies or bonds or use derivatives such as futures, options and swaps to replicate or gain exposure to underlying assets. It is actively managed in reference to the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) / ELMI+, which is used for performance comparison and for calculating global exposure using relative VaR, but not to define portfolio composition or as a performance target. This E Class USD Accumulation share class does not distribute income, and any investment income is reinvested.
Investment philosophy
• The fund invests primarily across emerging market currencies and fixed income securities issued by governments and companies around the world, with a stated focus on developing-country local-currency exposure and at least 80% of assets in currencies and short-duration bonds denominated in those currencies.
• Portfolio construction is short duration by design: the KID states average portfolio duration is not expected to exceed two years under normal market conditions, and the factsheet reports effective duration of 0.53 years and effective maturity of 0.97 years.
• The investment universe includes both investment grade and non-investment grade securities, and implementation can be through direct holdings or derivatives including futures, options and swaps; the fund may also use derivatives to replicate investment returns.
• The benchmark is the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) / ELMI+, used for performance comparison and relative VaR exposure measurement, but not to set portfolio composition; the fund may be wholly invested in securities outside the index.
• Current positioning includes 52.5% in net other short duration instruments and 44.1% in emerging markets sector allocation, with top holdings including South African T-Bills, Malaysia Investment Issue, Republic of South Africa, Malaysia Government, Titulos de Tesoreria and China Development Bank; largest currency exposures include South Korea, Mexico, India, Taiwan, Singapore and Brazil.
Management team
The named portfolio managers are Pramol Dhawan and Michael Davidson. No additional background on either manager is included in the supplied documents.
The asset manager
The management company is PIMCO Global Advisors (Ireland) Limited, which is described in the Key Information Document as a member of the PIMCO group. The investment advisor is PIMCO LLC. The product is a sub-fund of PIMCO Funds: Global Investors Series plc, an Irish-domiciled UCITS umbrella with segregated liability between funds.
Strengths
The fund offers targeted access to emerging market local currencies and short-duration local debt, with the factsheet highlighting exposure to high interest rates in emerging market countries and low correlation to developed markets fixed income. PIMCO states that the strategy seeks to provide efficient exposure to fast-growing emerging markets while leveraging its disciplined investment process and expertise in local market inefficiencies to overcome complex investment entry barriers. Its short-duration profile differentiates it from broader emerging market bond funds with longer rate sensitivity. The structure also allows implementation through both cash instruments and derivatives across currencies and bonds.
Risks
The Key Information Document classifies the fund at 3 out of 7 on the summary risk indicator, a medium-low risk class, and notes the risk can vary significantly if investors exit early. The documents name credit and default risk, currency risk, derivatives and counterparty risk, emerging markets risk, liquidity risk, interest rate risk, mortgage-related and other asset-backed securities risk, and specific China InterBank Bond Market risks including settlement, counterparty default and rule-change risk. These risks are driven by the fund’s investments in emerging market local-currency securities and currencies, its ability to hold both investment grade and non-investment grade debt, and its use of derivatives such as futures, options and swaps. The factsheet also states the fund is an Article 6 fund: it does not have sustainable investment as its objective and does not promote environmental or social characteristics, although sustainability risks are integrated into the investment policy.
WSP report
Ask WSP which research is available for this fund and what it covers.
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years. Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle – means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero. Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
The fund is designed to maximise total return through income and capital growth by investing in emerging markets short-term local currency fixed income and currencies. It is classified as a UCITS fund with a summary risk indicator of 3 out of 7 and a recommended holding period of 3 years. The intended retail investor is someone seeking diversified exposure to fixed income markets economically tied to emerging market countries, willing to accept the risks and volatility of those markets, and investing over the medium to long term. Based on its specific focus on emerging market local currencies, short duration and high interest rate exposure, it is a distinct specialist allocation rather than a broad developed-market bond holding.
Investment strategy
The fund aims to maximise total return using prudent investment management principles by investing primarily in a range of currencies and fixed income securities and instruments issued by governments and companies from emerging markets around the world. The factsheet states it invests at least 80% of assets in currencies and short-duration bonds denominated in developing-country currencies, while the KID adds that under normal market conditions average portfolio duration is not expected to exceed two years; reported effective duration is 0.53 years and effective maturity is 0.97 years. Securities may be investment grade and non-investment grade, and the fund may invest directly in currencies or bonds or use derivatives such as futures, options and swaps to replicate or gain exposure to underlying assets. It is actively managed in reference to the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) / ELMI+, which is used for performance comparison and for calculating global exposure using relative VaR, but not to define portfolio composition or as a performance target. This E Class USD Accumulation share class does not distribute income, and any investment income is reinvested.
Investment philosophy
• The fund invests primarily across emerging market currencies and fixed income securities issued by governments and companies around the world, with a stated focus on developing-country local-currency exposure and at least 80% of assets in currencies and short-duration bonds denominated in those currencies.
• Portfolio construction is short duration by design: the KID states average portfolio duration is not expected to exceed two years under normal market conditions, and the factsheet reports effective duration of 0.53 years and effective maturity of 0.97 years.
• The investment universe includes both investment grade and non-investment grade securities, and implementation can be through direct holdings or derivatives including futures, options and swaps; the fund may also use derivatives to replicate investment returns.
• The benchmark is the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) / ELMI+, used for performance comparison and relative VaR exposure measurement, but not to set portfolio composition; the fund may be wholly invested in securities outside the index.
• Current positioning includes 52.5% in net other short duration instruments and 44.1% in emerging markets sector allocation, with top holdings including South African T-Bills, Malaysia Investment Issue, Republic of South Africa, Malaysia Government, Titulos de Tesoreria and China Development Bank; largest currency exposures include South Korea, Mexico, India, Taiwan, Singapore and Brazil.
Management team
The named portfolio managers are Pramol Dhawan and Michael Davidson. No additional background on either manager is included in the supplied documents.
The asset manager
The management company is PIMCO Global Advisors (Ireland) Limited, which is described in the Key Information Document as a member of the PIMCO group. The investment advisor is PIMCO LLC. The product is a sub-fund of PIMCO Funds: Global Investors Series plc, an Irish-domiciled UCITS umbrella with segregated liability between funds.
Strengths
The fund offers targeted access to emerging market local currencies and short-duration local debt, with the factsheet highlighting exposure to high interest rates in emerging market countries and low correlation to developed markets fixed income. PIMCO states that the strategy seeks to provide efficient exposure to fast-growing emerging markets while leveraging its disciplined investment process and expertise in local market inefficiencies to overcome complex investment entry barriers. Its short-duration profile differentiates it from broader emerging market bond funds with longer rate sensitivity. The structure also allows implementation through both cash instruments and derivatives across currencies and bonds.
Risks
The Key Information Document classifies the fund at 3 out of 7 on the summary risk indicator, a medium-low risk class, and notes the risk can vary significantly if investors exit early. The documents name credit and default risk, currency risk, derivatives and counterparty risk, emerging markets risk, liquidity risk, interest rate risk, mortgage-related and other asset-backed securities risk, and specific China InterBank Bond Market risks including settlement, counterparty default and rule-change risk. These risks are driven by the fund’s investments in emerging market local-currency securities and currencies, its ability to hold both investment grade and non-investment grade debt, and its use of derivatives such as futures, options and swaps. The factsheet also states the fund is an Article 6 fund: it does not have sustainable investment as its objective and does not promote environmental or social characteristics, although sustainability risks are integrated into the investment policy.