Pimco Dynamic Income Strategy fund changes name, investment objectives

By Angela McDaniels

Tacoma, Wash., Nov. 21 – The Pimco Dynamic Income Strategy fund changed its name and investment objectives and guidelines, according to a news release from Pimco Account Management.

Prior to the change, the fund was named Pimco Energy and Tactical Credit Opportunities Fund.

The fund’s new investment objectives is to seek current income as a primary objective and capital appreciation as a secondary objective.

The fund also rescinded its policy to invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments linked to the energy sector. The fund will, however, continue to invest at least 25% of its total assets in the energy industry.

The fund uses a dynamic asset allocation strategy among multiple sectors in the global public and private credit markets, including corporate debt, mortgage-related and other asset-backed instruments, government and sovereign debt, taxable municipal bonds and other fixed-, variable- and floating-rate income-producing securities of U.S. and foreign issuers, including emerging market issuers and real estate-related investments.

The fund may invest without limitation in investment-grade debt securities and high-yield debt securities, including securities of stressed, distressed or defaulted issuers.

The fund may also invest without limit in common stocks and other common equity securities issued by public or private issuers.

Pacific Investment Management Co. LLC is the fund’s investment manager.

The New York Stock Exchange ticker symbol was changed to “PDX” from “NRGX.”

The following individuals were added to the fund’s portfolio management team: Dan Ivascyn, managing director and group chief investment officer; Alfred Murata, managing director; and Giang Bui, executive vice president.

Effective Dec. 1, the fund’s annual management fee rate will be reduced to 1.25% of the fund’s average daily total managed assets from 1.35%.

Pimco is a fixed-income investment manager based in Newport Beach, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.