September, 2023
The PIMCO Global Bond Fund (the "Fund") returned -1.51% (Wholesale Class, net of fees) in September outperforming the Bloomberg Global Aggregate Bond Index hedged into AUD by 0.33%. Year-to-date the Fund has returned 0.47% (Wholesale Class, net of fees), while the benchmark returned -0.11%. Financial markets broadly declined as yields rose in anticipation that central banks would maintain restrictive monetary policy for longer than previously expected. U.S. credit spreads widened, and developed sovereign bond yields rose, while the dollar strengthened. In the U.S., the 10-year Treasury rose 46 basis points (bps) to 4.57% amid stronger-than-expected economic data and sharply rising fuel prices. In Germany, the 10-year bond yield rose 38 bps to 2.84% as the European Central Bank (ECB) raised its policy rate by 25bps to 4%. In the U.K., 10-year Gilt yields rose 8 bps to 4.44%, while 10-year Japanese government bond yields rose 11 bps to 0.77%.
Contributors
• Curve positioning and instrument selection within European rate strategies
• Underweight exposure to duration in Japan as yields rose
• Underweight exposure to duration in China as yields rose
Detractors
• Overweight exposure to duration in the Dollar bloc, particularly Australia, as yields rose
• Long exposure to the Japanese yen (JPY) as the currency depreciated against the Australian dollar (AUD)
• Long exposure to select Emerging Market (EM) currencies in Asia, particularly the Thai baht, as those currencies depreciated against the Australian dollar
August, 2023
The PIMCO Global Bond Fund (the "Fund") returned -0.33% (Wholesale Class, net of fees) in August. Year-to-date the Fund has returned 2.01% (Wholesale Class, net of fees).
Financial markets broadly declined against a backdrop of diverging growth dynamics across regions. U.S. credit spreads widened and developed sovereign bond yields were mixed, while the dollar strengthened. In the U.S., the 10-year Treasury rose 15 basis points (bps) to 4.11% after breaching 4.3% earlier in the month amid strongerthan-expected economic data and hawkish Federal Reserve (Fed) messaging. In the U.K., 10-year U.K. Gilt yields rose 5 bps to 4.36% as the Bank of England raised its policy rate by 25 bps to 5.25%. In Germany, the 10-year bond yield fell 3 bps to 2.47% while 10-year Japanese government bond yields rose 4 bps to 0.65%.
Contributors
• Underweight exposure to Japanese duration as yields rose
• Long exposure to select emerging market currencies, including the Indian rupee and the Mexican peso, as they appreciated against the Australian dollar
• Underweight exposure to nonfinancial investment grade corporate credit as spreads widened
Detractors
• Short exposure to the US dollar as the currency appreciated against the Australian dollar
• Underweight exposure to Chinese duration as yields fell
• Short exposure to the Chinese yuan as the currency appreciated against the Australian dollar
July, 2023
The PIMCO Global Bond Fund (the "Fund") returned 0.33% (Wholesale Class, net of fees) in July outperforming the Bloomberg Global Aggregate Bond Index hedged into AUD by 0.37%. Year-to-date the Fund has returned 2.35% (Wholesale Class, net of fees), while the benchmark returned 2.03%.
In our view, financial markets broadly gained amid early signs of cooling inflation. U.S. credit spreads tightened and developed sovereign bond yields were mixed, while the dollar weakened slightly. In the U.S., the 10-year Treasury rose 12 basis points (bps) to 3.96% as the Federal Reserve (Fed) lifted its policy rate by 25 bps. In Germany, the 10-year bond yield rose 10 bps to 2.49% after the European Central Bank (ECB) raised rates by 25 bps, while the 10-year U.K. Gilt yield fell 8 bps to 3.41%. In Japan, the 10-year Japanese Government Bond (JGB) yield jumped 21 bps to 0.61% following the Bank of Japan (BoJ)’s surprise decision to remove the rigid yield limits for 10-year JGBs under their Yield Curve Control framework.
Contributors
• Long exposure to securitised credit, mainly via high quality Collateralised Loan Obligation (CLO) and U.S. non-Agency Residential-Mortgage-BackedSecurities (RMBS), as spreads tightened
• Underweight exposure to duration in Japan, particularly the long-end, as yields rose following the Bank of Japan’s adjustment to Yield Curve Control
• Curve positioning within the Euro bloc, namely an underweight to the long-end where yields rose
Detractors
• Underweight exposure to nonfinancial investment grade corporate credit as spreads broadly tightened
• Overweight exposure to duration in the Dollar bloc (namely Australia, New Zealand, and Canada) as yields rose
• Long exposure to the Japanese yen as the currency depreciated relative to the U.S. dollar
June, 2023
The PIMCO Global Bond Fund returned 0.03% (Wholesale Class, net of fees) in June outperforming the Bloomberg Global Aggregate Bond Index hedged into AUD by 0.20%. Year-to-date the Fund has returned 2.01% (Wholesale Class, net of fees), while the benchmark returned 2.07%.
In our view, financial markets broadly gained as markets stabilised following the resolution of the debt ceiling standoff in the U.S. U.S. credit spreads tightened and developed sovereign bond yields broadly rose, while the dollar weakened. In the U.S., the 10-year Treasury rose 19 basis points (bps) to 3.84% as jobless claims fell to the lowest level since 2021 and the Federal Reserve (Fed) signaled two additional rate hikes. Meanwhile, U.K. gilt yields rose by 21 bps to 4.39% as the Bank of England raised its policy rate to the highest level since 2008.
Contributors
• Curve positioning in the U.S., namely an underweight to the frontend of the curve as yields rose.
• Short exposure to the U.S. dollar as the currency depreciated relative to the Australian dollar
• Long exposure to U.S. non-Agency Residential Mortgage-BackedSecurities (RMBS) as spreads tightened
Detractors
• Underweight exposure to nonfinancial investment grade corporate credit as spreads tightened
• Overweight exposure to duration in the Dollar bloc (namely Australia, New Zealand, and Canada) as yields rose
• Overweight exposure to duration in the U.K. as yields rose
May, 2023
The PIMCO Global Bond Fund returned -0.64% (Wholesale Class, net of fees) in May versus the Bloomberg Global Aggregate Index (AUD Hedged), which returned -0.54%. Year-to-date the Fund has returned 1.98% (Wholesale Class, net of fees), while the benchmark returned 2.24%.
In our view, financial markets were mixed in May, with the MSCI World Index down moderately as markets focused their attention on the debt ceiling standoff in the U.S.
U.S. credit spreads widened and yields on developed sovereign bonds were mixed, while the dollar strengthened. In the U.S., the 10-year Treasury rose 22 basis points (bps) to 3.64% as debt ceiling negotiations dragged on and markets weighed the possibility of an additional rate hike. Meanwhile, U.K. gilt yields rose by 46 bps to 4.18% as inflation pressures intensified, while German bund yields fell slightly (-3 bps) as inflation fell to its lowest level in more than a year.
Contributors
• Underweight exposure to duration in the U.S. as yields rose
• Long exposure to U.S. residential non-Agency mortgages as spreads tightened
• Positioning within corporate credit, namely a preference for senior financials
Detractors
• Underweight exposure to duration in China as yields fell
• Overweight exposure to Dollar Bloc duration, predominantly via Australia and New Zealand, as yields rose
• Security selection within Agency Mortgage Backed Securities (MBS), namely a preference for higher coupons, as lower coupons outperformed
April, 2023
The PIMCO Global Bond Fund returned 0.43% (Wholesale Class, net of fees) in April, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.02%. Year-to-date the Fund has returned 2.63% (Wholesale Class, net of fees), while the benchmark returned 2.80%.
In April, financial markets broadly gained as markets stabilised following the banking turmoil in March with the MSCI World index increasing by 1.80%. Credit spreads tightened and the dollar weakened, while yields on developed sovereign bonds were mixed. In the U.S., short-term yields rose in anticipation of a 25 basis points rate hike from the Federal Reserve in May, while the 10-year Treasury yield dropped 5 basis points to 3.42% as the Core Personal Consumption Expenditures (PCE) Index indicated elevated yet slowing inflation.
Contributors
• Long exposure to non-Agency mortgages as spreads tightened
• Overweight exposure to senior financials as spreads tightened
• Positioning within European rates, including an underweight to the long-end of the yield curve
Detractors
• Overweight exposure to Agency Mortgage-Backed-Securities as spreads widened
• Long exposure to the Japanese yen, which depreciated relative to the U.S. dolla • Long exposure to Danish covered bonds as spreads widened.
March, 2023
The PIMCO Global Bond Fund returned 1.31% (Wholesale Class, net of fees) in March versus the Bloomberg Global Aggregate Index (AUD Hedged), which returned 2.11%. Year-to-date the Fund has returned 2.19% (Wholesale Class, net of fees), while the benchmark returned 2.38%.
In our view, financial markets were mixed in March as the stability of the financial sector was called into question after the collapse of Silicon Valley Bank (SVB) and orchestrated take-over of Credit Suisse. Global equities rallied at the end of the month and credit spreads widened, while the dollar weakened. Developed sovereign yields broadly fell amid a global flight to quality. In the U.S., even though the Federal Reserve (Fed) delivered a 25 basis point (bp) hike, the 10-year Treasury fell 45 bps to 3.47%. Meanwhile, despite a 25 bp rate hike from the Bank of England (BoE) and a 50 bp hike from the European Central Bank (ECB), U.K. Gilt and German bond yields fell 34 bps and 36 bps, respectively.
Contributors
• Overweight exposure to Emerging Market (EM) local rates (South Korea, Singapore), as yield curves shifted downwards
• Overweight duration exposure to Dollar Bloc countries (Australia, New Zealand, Canada) as rates rallied
Detractors
• Long exposure to US non-agency RMBS, as spreads widened
• Underweight US duration, as yields rallied
• Underweight duration in the Euro bloc, as rates rallied
February, 2023
The PIMCO Global Bond Fund returned -1.68% (Wholesale Class, net of fees) in February, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.12%. Year-to-date the Fund has returned 0.87% (Wholesale Class, net of fees), outperforming the benchmark by 0.60%.
Financial markets broadly retreated in February amid fears that policy rates would remain higher for longer in response to elevated inflation. Global equities fell - with the MSCI world down 2.36% - and credit spreads widened, while the dollar strengthened. Developed sovereign yields broadly rose as markets digested surprise inflation metrics and hawkish central bank sentiment. In the U.S., the 10-year Treasury yield rose 41 basis points (bps) as the Personal Consumption Expendiures (PCE) price Index showed a reacceleration of inflation in January. U.K. gilt and German bond yields rose 49 bps and 37 bps, respectively, after both central banks delivered 50 bp rate hikes.
Contributors
• Positions in non-agency MBS • An underweight to duration in the U.S. • Underweight exposure to non-financial investment grade corporate credit
Detractors
• Underweight exposure to the U.S. dollar as the currency appreciated against the Australian dollar • Overweight exposure to duration in South Korea • Underweight exposure to the long end of the Japanese yield curve
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-13.pdfJanuary, 2023
The PIMCO Global Bond Fund returned 2.59% (Wholesale Class, net of fees) in January, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.49%. Over the past 3 months the Fund has returned 4.18% (Wholesale Class, net of fees), outperforming the benchmark by 1.03%.
Financial markets broadly rallied in January as rate hike and inflation fears ebbed. Global equities rose - with the MSCI World up 7.1% - and credit spreads tightened, while the dollar weakened. Developed sovereign yields broadly fell as markets appeared more confident that inflation has peaked. In the U.S., the 10-year Treasury fell -37 basis points (bps), while the 10-year Japanese Government Bond (JGB)rose 7 bps to 0.50% as sharply higher inflation and expectations for further adjustments to Yield Curve Control applied upward pressure on yields.
Contributors
• Overweight exposure to senior financials
• Positions in non-agency MBS
• Overweight to duration in the Dollar bloc, particularly an overweight to the intermediate part of the curve in Australia
Detractors
• Short exposure to the Japanese yen
• Positions in Danish covered bonds
• Underweight exposure to European peripherals, particularly Italy
December, 2022
The PIMCO Global Bond Fund returned -1.01% (Wholesale Class, net of fees) in December, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.30%. Year-to-date the Fund has returned -12.55% (Wholesale Class, net of fees), while the benchmark returned -12.28%.
In our view, risk appetite declined in December as hawkish central bank rhetoric persisted and concerns surrounding economic growth burgeoned. Global equities fell - with the MSCI World down 4.2% - and credit spreads tightened, while the dollar weakened. Developed sovereign yields broadly rose as central banks signaled intentions for rate hikes to continue well into 2023. In the U.S., the 10-year Treasury rose 27 basis points (bps) to 3.87%, while the 10-year JGB rose 17 bps to 0.42% after the Bank of Japan (BOJ) announced a surprise adjustment to Yield Curve Control, widening the 10-year band by 25 bps.
Contributors
• Positions in non-agency MBS
• Neutral to duration in the Euro bloc
• Overweight exposure to senior and subordinated financials
Detractors
• Overweight to duration in the Dollar bloc, particularly an overweight to the intermediate part of the curve in Australia
• Underweight exposure to the Euro
• Underweight exposure to duration in China
November, 2022
The PIMCO Global Bond Fund returned 2.59% (Wholesale Class, net of fees) in November, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.22%. Year-to-date the Fund has returned -11.66% (Wholesale Class, net of fees), while the benchmark returned -11.12%.
Risk assets broadly gained in November amid more dovish central bank rhetoric. Global equities rallied - with the MSCI World up 7.0% - credit spreads tightened, while the dollar weakened. Developed sovereign yields broadly ended lower as inflation showed signs of easing in the Eurozone and central banks signaled they may slow the pace of tightening. In the U.S., the 10-year Treasury yield fell 44 basis points (bps) to 3.61%, while U.K. 10-year gilts fell 36 bps to 3.16% as market confidence was restored after Rishi Sunak replaced Liz Truss as Prime Minister.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-10.pdfOctober, 2022
The PIMCO Global Bond Fund returned -0.32% (Wholesale Class, net of fees) in October, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.06%. Year-to-date the Fund has returned -13.89% (Wholesale Class, net of fees), while the benchmark returned -13.17%.
In our view, risk sentiment broadly rebounded in October amid sustained inflationary pressures and central bank tightening. Global equities rallied - with the MSCI World up 7.2% - and natural gas prices fell as global storage reached capacity and unusually warm weather delayed the start of a period of heavy usage. Meanwhile, developed sovereign yields were broadly mixed. In the U.S., the 10-year Treasury yield rose 22 basis points (bps) to 4.05%. U.K. 10-year gilts fell 58 bps to 3.52% after the fiscal policy “U-turn” and the resignation of Prime Minister Truss.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-9.pdfSeptember, 2022
The PIMCO Global Bond Fund returned -3.90% (Wholesale Class, net of fees) in September versus the Bloomberg Global Aggregate Index (AUD Hedged), which returned -3.50%. Year-to-date the Fund has returned -13.61% (Wholesale Class, net of fees), while the benchmark returned -12.84%.
In our view, sustained inflationary pressures and central bank tightening continued to present a headwind to financial markets. Global equities fell - with the MSCI World down 9.3% - and credit spreads widened, while the dollar strengthened. Developed sovereign yields broadly rose as elevated inflationary pressures led to further monetary policy tightening. In the U.S., the 10-year Treasury yield rose 64 basis points (bps) to 3.83% as the Fed increased rates by another 75 bps and signaled a more hawkish stance going forward. U.K. 10-year gilts rose by 129 bps as the new government unveiled a substantial fiscal package in late September.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/PIMCOGlobalBondFundW-1.pdfAugust, 2022
The PIMCO Global Bond Fund returned -2.42% (Wholesale Class, net of fees) in August, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.30%. Year-to-date the Fund has returned -10.11% (Wholesale Class, net of fees), while the benchmark returned -9.68%.
Risk appetite declined in August amid hawkish central bank sentiment and sustained inflationary pressure. Global equities fell - with the S&P down 4.1% -credit spreads tightened and natural gas prices gained, with markets in Europe reaching record levels. Developed sovereign yields broadly rose as inflationary risks led to market expectations for further monetary policy tightening. In the U.S., the 10-year Treasury yield rose 54 bps to 3.19% as the Fed reiterated its commitment to addressing inflation even at the expense of growth and alluded to potentially another meaningful rate hike as early as September
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-8.pdfJuly, 2022
The PIMCO Global Bond Fund returned 2.49% (Wholesale Class, net of fees) in July, and performed in line with the Bloomberg Global Aggregate Index (AUD Hedged). Year-to-date the Fund has returned -7.88% (Wholesale Class, net of fees), while the benchmark returned -7.15%. Risk sentiment broadly rebounded in July amid elevated inflationary pressure and central bank tightening. Global equities rallied - with the Standard and Poor’s 500 up 9.2% - credit spreads tightened, and energy prices gained. Developed sovereign yields broadly ended lower as central banks continued to prioritize addressing inflation, with the ECB increasing rates by 50 bps, its first rate hike in 11 years. Meanwhile, in the U.S., increasing recessionary risks pushed the 10-year Treasury yield down 36 bps to 2.65% even as the Fed increased rates by another 75 bps.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-7.pdfJune, 2022
The PIMCO Global Bond Fund returned -2.28% (Wholesale Class, net of fees) in June versus the Bloomberg Global Aggregate Index (AUD Hedged), which returned -1.64%. Year-to-date the Fund has returned -10.12% (Wholesale Class, net of fees), while the benchmark returned -9.41%. Risk assets declined in June amid sustained inflationary pressure and hawkish central bank rhetoric. Global equities fell - with the Standard and Poor’s 500 down 8.3 % - credit spreads widened, and energy prices finally began easing as recessionary risks rose. Developed sovereign yields broadly rose as elevated inflationary risks led to further monetary policy tightening. In the U.S., the 10-year Treasury yield rose meaningfully throughout the first half of the month, peaking at 3.47%, but fell to 3.01% by the end of the month as the Fed increased rates by 75 bps and alluded to a hike of a similar magnitude as early as July.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-6.pdfMay, 2022
The PIMCO Global Bond Fund returned -0.50% (Wholesale Class, net of fees) in May versus the Bloomberg Global Aggregate Index (AUD Hedged), which returned -0.19%. Year-to-date the Fund has returned -8.03% (Wholesale Class, net of fees), while the benchmark returned -7.90%.
Our view of global risk appetite declined in May amid elevated inflationary risks. Global equities fell throughout most of the month but rose towards the end - with the S&P up 0.2% - credit spreads widened modestly, and energy prices continued to gain. Developed sovereign yields broadly ended higher as the Bank of England increased its policy rate by 25 basis points and the European Central Bank alluded to a rate hike as early as July. Meanwhile, the U.S. 10-year Treasury yield fell 9 bps to 2.84% as the Fed increased interest rates by 50 bps and laid out plans to begin reducing its balance sheet in June.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-5.pdfApril, 2022
The PIMCO Global Bond Fund returned -3.05% (Wholesale Class, net of fees) in April versus the Bloomberg Global Aggregate Index (AUD Hedged), which returned -2.88%. Year-to-date the Fund has returned -7.57% (Wholesale Class, net of fees), outperforming the benchmark by 0.15%.
Risk appetite declined in April amid strengthening inflationary pressures and continued conflict between Russia and Ukraine. Global equities fell - with the S&P down -8.7% - and credit spreads widened, while geopolitical tensions and lockdowns in China pushed commodity prices higher. Meanwhile, developed sovereign yields rose - the U.S. 10-year yield rose 60 bps to 2.93% - as the Fed, citing increased upside risks to inflation, emphasized the likelihood of a 50 bps rate hike in May.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-4.pdfMarch, 2022
The PIMCO Global Bond Fund returned -1.94% (Wholesale Class, net of fees) in March, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.19%. Year-to-date the fund has returned -4.66% (Wholesale Class, net of fees), outperforming the benchmark by 0.32%.
Risk assets broadly gained in March despite heightened volatility following the The Russian invasion of Ukraine and shifting monetary policy expectations. Global equities rallied - with the S&P up 3.7% - and credit spreads tightened, while sanctions on Russia and supply chain disruptions continued to push commodity prices higher. Meanwhile, developed sovereign yields broadly rose - the U.S.10-year yield rose 51 bps to 2.34% - as the Fed raised rates by 25 bps and alluded to a potentially faster pace of rates despite geopolitical uncertainty.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-3.pdfFebruary, 2022
The PIMCO Global Bond Fund returned -1.52% (Wholesale Class, net of fees) in February versus the Bloomberg Global Aggregate Index (AUD Hedged), which returned -1.30%. Year-to-date the fund has returned -2.78% (Wholesale Class, net of fees), outperforming the benchmark by 0.13%.
Risk appetites declined in February amid escalating conflict between Russia and Ukraine coupled with elevated inflation risks. Global equities fell - with the S&P down -3.0% - credit spreads widened, and energy prices rose meaningfully. Though developed sovereign yields broadly ended higher, they rose during the first half of the month as inflation exceeded expectations, but fell as geopolitical tensions increased demand for safe-haven assets. Meanwhile, the U.S. 10-year Treasury yield rose 5 bps to 1.83%
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-2.pdfJanuary, 2022
The PIMCO Global Bond Fund returned -1.28% (Wholesale Class, net of fees) in January, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.36%. Over the past 3 months the Fund has returned -0.99% (Wholesale Class, net of fees), outperforming the benchmark by 0.36%.
Risk appetites declined in January as surging Omicron cases and rising expectations for less accommodative monetary policy contributed to heightened market volatility. Global equities fell - with the S&P down -5.2% - while credit spreads widened, and energy prices continued to gain. Meanwhile, developed sovereign yields broadly rose with the U.S. 10-year yield moving 27 bps higher to 1.78%. As U.S. inflation reached another multi-decade high in December, the Fed pointed to upside risks to inflation as it signaled intentions for a rate hike in March and plans to unwind its balance sheet soon after.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W.pdfDecember, 2021
The PIMCO Global Bond Fund returned -0.12% (Wholesale Class, net of fees) in December, outperforming the Bloomberg Global Aggregate Index (AUD Hedged) by 0.32%. Year-to-date the Fund has returned -1.53% (Wholesale Class, net of fees), and performed in line with the benchmark.
Risk assets broadly gained in December, though still-rising inflation and rapidly spreading Omicron cases contributed to volatility. Indications of less severe disease and hospitalization from Omicron helped spur a recovery in global equities in the second half of the month, with the S&P ending 4.5% higher. Credit spreads tightened and oil prices continued to gain. Meanwhile, developed sovereign yields broadly rose alongside shifting central bank stances. In the U.S., the 10-year yield rose 7 bps to 1.51%, as the Fed increased the pace of tapering its asset purchases and adjusted its “dot plot” to reflect three hikes in 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2022/02/GlobalBondFund_Monthly_Commentary_W-1.pdfasset_class:
asset_category:
peer_benchmark:
broad_market_index:
manager_contact_details: Array
ticker: ETL0018AU
release_schedule: Monthly
structure: Managed Fund
commentary_block: Array
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https://www.pimco.com.au/en-au/investments/australia/global-bond-fund/wholesale
Go to Documents => Under Regulatory Documents ==> Monthly Commentary
fund_features: