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PIMCO Income Opportunity Fund
PKO : NYSE : Financial

$28.30 0.07 | 0.25%
Today's Range: 28.22 - 28.34
Avg. Daily Volume: 62,600
04/22/14 - 3:59 PM ET
  • Last Ratings Update:03/31/2014
  • Price as of 03/31/2014 :$28.23
  • Net Assets:$422.7 Million
  • NAV:$28.36
  • Premium-0.46%
  •   
  • Peer Rank:41 of 216
  • Investment Rating:C+
  • Performance:C+
  • RiskB
PKO Price Chart

SUMMARY


We rate Pimco Income Opportunity Fund at C+. Positive factors that influence this rating include a greater than above average total return and low price volatility. 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 12.83% since inception. More recently, the fund has generated a total return of 24.35% in the last five years, 11.28% in the last three years, and -0.18% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 87% of them. It has also outpaced 65% of its competitors on a three year basis and 38% of them over the last year for the period ending 3/31/2014. On a year to date basis, PKO has returned 0.99%.

Downside risk has been below average. PKO has a draw down risk of -16.93%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 13.7%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 3/31/2014, the fund was trading at a price of $28.23, which is 2.3% below its 52-week high of $28.89 and 1.5% above its 52-week low of $27.81.

High expense ratio hinders performance. On total assets of $422.70 million, PKO maintains a high expense ratio compared to its Global Income peers of 1.66% 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 6 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 96% of other fund managers.


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