- Last Ratings Update:03/31/2014
- Price as of 03/31/2014 :$28.23
- Net Assets:$422.7 Million
- Peer Rank:41 of 216
- Investment Rating:C+
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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