- Last Ratings Update:07/31/2015
- Price as of 07/31/2015 :$23.53
- Net Assets:$424.63 Million
- Peer Rank:125 of 235
- Investment Rating:C-
We rate Pimco Income Opportunity Fund at C-. Positive factors that influence this rating include a greater than average total return. The fund invests approximately 94% of its assets in bonds and may be considered for investors seeking a Global Income strategy.
POSITIVES AND RISKS
Total return ranks above peers over the last three years. The Pimco Income Opportunity Fund has returned an annual rate of 10.37% since inception. More recently, the fund has generated a total return of 8.90% in the last five years, 4.85% in the last three years, and -2.18% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 62% of them. It has also outpaced 53% of its competitors on a three year basis and 38% of them over the last year for the period ending 7/31/2015. On a year to date basis, PKO has returned -1.01%.
Downside risk has been below average. PKO has a draw down risk of -27.56%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 11.9%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 7/31/2015, the fund was trading at a price of $23.53, which is 4.7% below its 52-week high of $24.69 and 1.3% above its 52-week low of $23.23.
High expense ratio hinders performance. On total assets of $424.63 million, PKO maintains a high expense ratio compared to its Global Income peers of 2.01% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As PKO is a closed end fund, it has no front end or back end load.
Manager tenure and performance record are net positives. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Pimco Income Opportunity Fund has been managed by Daniel J. Ivascyn for the last 8 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 93% of other fund managers.
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