PIMCO Funds: E q u i t i e s , S y s t e m a t i c E q u i t y , U S L a r g e E q u i t y
A s o f 31 December 2024
PIMCO RAE US Fund
Time-tested systematic approach to U.S. value investing
A Shares PKAAX I-2 Shares PKAPX
By aiming to capture robust sources of excess returns and capitalizing on market
INST Shares PKAIX
inefficiencies, this strategy takes an innovative value approach to U.S. equities. It is
designed to seek long-term capital appreciation.
Fund Inception Date 05 June 2015
Shareclass INST Inception
05 June 2015
Date
Hypothetical Growth of $10,000 Fund Benchmark 1 Total Net Assets (in millions) $1,415.3
$80,000 Performance characteristics
$60,000 INST 30-day SEC yield1
$40,000 Subsidized: 2.07%
Unsubsidized: 2.05%
$20,000
¹The 30 day SEC Yield is computed under an SEC standardized
$0 formula based on net income earned over the past 30 days. The
Subsidized yield includes contractual expense reimbursements
and it would be lower without those reimbursements. The
Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain Unsubsidized 30 Day SEC yield excludes contractual expense
distributions were reinvested. It does not take into account sales charges or the effect of reimbursements.
taxes. Results are not indicative of future performance.
Average annual total returns (%) Inst share Gro ss Ex pen se Ra tio0.41%
as of 31 December 2024 QTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs. SI
Inst share Net Expense Ratio 0.40%
PIMCO RAE US Fund INST NAV -2.70 11.18 7.94 10.80 9.70 9.06 The Net Expense Ratio reflects a contractual fee waiver and/or
expense reduction, which is in place through 31 October 2025
Benchmark 1 -1.98 14.37 5.63 8.68 8.49 7.89
and renews automatically for a full year unless terminated by
Benchmark 2 2.41 25.02 8.94 14.53 13.10 10.35 PIMCO in accordance with the terms of the agreement. See the
Fund's prospectus for more information.
Lipper Multi-Cap Value Funds -1.56 13.46 5.92 9.00 8.08 8.51
Por tfolio M anage r s
Calendar Year (Net of Fees) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD
Rob Arnott, Christopher J. Brightman
PIMCO RAE US Fund INST a t NAV -3.25 15.41 16.54 -7.01 24.87 3.93 27.78 -3.38 17.07 11.18 11.18
Summary Characteristics
Benchmark 1 -3.83 17.34 13.66 -8.27 26.54 2.80 25.16 -7.54 11.46 14.37 14.37 Fund Benchmark 1
Benchmark 2 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29 25.02 25.02 Number of Stocks 134 855
Lipper Multi-Cap Value Funds Weighted Average Market Cap
- 10.04 20.65 - 25.05 2.72 25.52 -7.13 11.75 13.46 13.46 263,321 150,998
($M)
Benchmark 1: Russell 1000® Value Index Trailing P/E Ratio 17.5 19.2
Benchmark 2: S&P 500 Index
Forward P/E Ratio 14.3 17.7
Performance quoted represents past performance. Past performance is not a guarantee or a
reliable indicator of future results. Investment return and the principal value of an investment will Price/Sales 0.8 1.8
fluctuate. Shares may be worth more or less than original cost when redeemed. Current 2.7
performance may be lower or higher than performance shown. For performance current to the most Price/Book 2.4
recent month-end, visit [Link] or call (888) 87-PIMCO. Dividend Yield 2.4 2.1
Certain Funds may offer a share class with an inception date which is different than the inception date of the Fund. For the
periods prior to the inception date of a share class, performance information is based on the performance of the Fund’s Sharpe Ratio (10 year) 0.54 -
oldest class shares, adjusted to reflect the fees and expenses paid by that class of shares. The performance figures Volatility (10 year) 16.40% -
presented reflect the total return performance, unless otherwise noted, and reflect changes in share price and reinvestment
of dividend and capital gain distributions. All periods longer than one year are annualized. Periods less than one year are
cumulative. The Lipper, Inc. Lipper Average is based on total return, with distributions reinvested and operating expenses
deducted, though not reflecting sales charges. Fund classes share the same portfolio, but have different investment
minimums and different fees and expenses.
Differences in the Fund’s performance versus the index and related attribution information with respect to particular
categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used
by the Fund and the index.
There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more
periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in
either 1) a fund’s total return in excess of that of the fund’s benchmark between reporting periods or 2) a fund’s total retu rn
in excess of the fund’s historical returns between reporting periods. Unusual performance is defined as a significant change
in a fund’s performance as compared to one or more previous reporting periods.
PIMCO Funds: Equities, Systematic Equity, US Large Equity
As of 31 December 2024
GICS sectors Fund Benchmark 1 Top Holdings (% Fund Benchmark 1
(MV%) Market Value)*
Information Technology 27.8 9.3 APPLE INC 5.0 0.0
Health Care 15.8 14.2 WALMART INC 5.0 1.6
Consumer Staples 13.1 7.9 CISCO SYSTEMS INC 3.6 1.0
Financials 9.7 23.1 GILEAD SCIENCES 2.9 0.5
8.6 6.2 INC
Consumer Discretionary
MARATHON 2.9 0.2
Energy 7.4 6.7
PETROLEUM
6.1 14.7 CORPORATION
Industrials
SYNCHRONY 2.9 0.1
Communication Services 3.9 4.4
FINANCIAL
Utilities 3.1 4.6 PFIZER INC 2.8 0.6
Materials 2.3 4.2 3M COMPANY 2.7 0.2
Real Estate 1.7 4.7 VALERO ENERGY 2.4 0.2
0.0 0.0 CORPORATION
No Classification 2.2 0.2
KROGER CO
*Holdings subject to change without notice.
Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are
contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO
representative or by visiting [Link]. Please read them carefully before you invest or send money.
Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMC O-advised Fund, including those with a similar name,
investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may pe rform in the long-term. New Funds have limited operating
histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and tra ding efficiencies. A Fund may be forced to sell a comparatively
large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in
each case when the Fund otherwise would not seek to do so, which may adversely affect performance.
A word about risk: Equities may decline in value due to both real and perceived general market, economic and industry conditions. Investments in value se curities involve the risk the
market’s value assessment may differ from the manager and the performance of the securities may decline. REITs are subject to risk, such as poor performance by the manager, adverse
changes to tax laws or failure to qualify for tax-free pass-through of income. Model Risk is the risk that the Fund’s investment models used in making investment allocation decisions may
not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund. Derivatives may involve certain costs and risks, such as liquidity,
interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.
Diversification does not ensure against loss.
Price-to-book is a ratio used to compare a stocks market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarters book value per share.
The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the risk-
free rate subtracted from the portfolio returns. P/E Ratio is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an
overvalued security is characterized by a high P/E ratio. Trailing P/E Ratio looks back at 12-month earnings per share while Forward P/E Ratio looks at earnings per share estimates for the
next fiscal year. Price-to-sales is a valuation ratio that compares a company’s stock price to its revenues. The price -to-sales ratio is an indicator of the value placed on each dollar of a
company’s sales or revenues. Weighted Average Market Capitalization refers to a stock market index in which larger companies (i.e. with higher market capitalization) have more influence
on the indexs performance. Volatility is measured by the standard deviation, or dispersion of a set of data from its mean, based on historical portfolio returns. A larger spread of data
indicates higher standard deviation and higher volatility.
The PIMCO RAE US Fund was a privately offered fund managed by the Fund’s Sub -Adviser was reorganized into the Fund as of 5 June 2015. For periods prior to the commencement of
Fund operations, the Fund’s performance is that of the privately offered fund. The performance of the privately offered fund has not been restated to reflect the fees, estimated expenses and
fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the privately offered fund had been restated to reflect the applicable fees and
expenses of each share class of the Fund, the performance may have been higher or lower. The privately offered fund began ope rations on 22 December 2004 and, on 5 June 2015, was
reorganized into the Fund. Prior to the reorganization, the privately offered fund had an investment objective and investment strategies that were, in all material respects, the same as those
of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not
registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986
which, if applicable, may have adversely affected its performance. The performance of each class of shares of the Fund will d iffer as a result of the different levels of fees and expenses
applicable to each class of shares.
MV% may not equal 100 due to rounding. Portfolio structure is subject to change without notice and may not be representative of current or future allocations.
The Russell 1000® Value Index measures the performance of large and midcapitalization value sectors of the U.S. equity market, as defined by FTSE Russell. The Russell 1000® Value
Index is a subset of the Russell 1000® Index, which measures the performance of the large and mid-capitalization sector of the U.S. equity market. It is not possible to invest directly in an
unmanaged index.
S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focu ses on the large-cap segment of the U.S. equities market.
It is not possible to invest directly in an unmanaged index.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to
determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without
notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any
other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2025, PIMCO.
PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO.
