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PCSIX PACE Strategic Fixed Income P

  • Fund
  • PCSIX
  • Price as of: Apr 24, 2018
  • $13.31
  • - $0.01
  • - 0.08%
  • Category
  • Total Bond Market

PCSIX - Profile

Vitals

  • YTD Return -3.3%
  • 3 Yr Annualized Return 1.8%
  • 5 Yr Annualized Return 1.8%
  • Net Assets $808 M
  • Holdings in Top 10 91.2%

52 WEEK LOW AND HIGH

$13.31
$13.31
$13.99

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.90%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 212.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$10,000

IRA

N/A

Investment Themes

CATEGORY

Total Bond Market
  • Fund Type Open End Mutual Fund
  • Investment Style Intermediate-Term Bond

Distributions

  • YTD Total Return -3.3%
  • 3 Yr Annualized Total Return 1.8%
  • 5 Yr Annualized Total Return 1.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.84%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name PACE Strategic Fixed Income Investments
  • Fund Family Name UBS Asset Management
  • Inception Date Aug 24, 1995
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager Thanos Bardas

Fund Description

The fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in investment grade fixed income securities. It also invests, to a limited extent, in bonds that are below investment grade. The fund invests in bonds of varying maturities, but normally limits its portfolio duration to within +/- 50% of the effective duration of the fund's benchmark index, Bloomberg Barclays US Government/Credit Index.

PCSIX - Performance

Return Ranking - Trailing

Period PCSIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.3% -19.6% 14.2% 62.54% 5
1 Yr 2.0% -15.5% 21.6% 30.39% 2
3 Yr 1.8% * -6.7% 10.2% 30.72% 2
5 Yr 1.8% * -3.6% 14.8% 40.34% 3
10 Yr 5.2% * -1.2% 9.0% 10.43% 1

* Annualized


Return Ranking - Calendar

Period PCSIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 2.7% -10.9% 25.1% 9.08% 1
2016 -0.7% -11.1% 192.8% 52.89% 5
2015 -3.6% -33.0% 5.1% 46.29% 4
2014 2.9% -24.1% 20.8% 13.23% 1
2013 -9.3% -13.1% 40.4% 65.97% 5

Total Return Ranking - Trailing

Period PCSIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.3% -19.6% 14.2% 62.35% 5
1 Yr 2.0% -15.5% 21.6% 23.67% 2
3 Yr 1.8% * -7.0% 10.2% 27.33% 2
5 Yr 1.8% * -2.8% 14.8% 36.01% 2
10 Yr 5.2% * -1.2% 9.5% 9.49% 1

* Annualized


Total Return Ranking - Calendar

Period PCSIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 2.7% -9.5% 25.1% 9.72% 1
2016 1.7% -11.1% 195.3% 25.50% 2
2015 -0.2% -32.5% 16.5% 20.01% 2
2014 6.4% -9.9% 58.5% 7.72% 1
2013 -4.7% -12.9% 58.3% 68.18% 5

NAV & Total Return History

PCSIX - Holdings

Filings data as of: Jan 31, 2018

Concentration Analysis

PCSIX Category Low Category High PCSIX % Rank Quintile
Net Assets 808 M 319 K 195 B 15.72% 3
Number of Holdings 463 1 17491 13.07% 3
Net Assets in Top 10 573 M -36 B 52.1 B 6.61% 2
Weighting of Top 10 91.2% 0.0% 1755.3% 3.15% 1

Top 10 Holdings

  1. Us 10yr Note (Cbt)mar18 Xcbt 20180320 18.21%
  2. 3mo Euro Euribor Mar18 Ifll 20180319 17.26%
  3. Swpc0fa52 Cds Usd R F 1.00000 1 Ccpcdx 12.58%
  4. Swpc0fa52 Cds Usd P V 03mevent 2 Ccpcdx 12.30%
  5. 3mo Euro Euribor Jun18 Ifll 20180618 8.33%
  6. Euro Oat Future Mar18 Xeur 20180308 5.75%
  7. Us 5yr Note (Cbt) Mar18 Xcbt 20180329 5.65%
  8. United States Treasury Bonds 2.5% SNR PIDI BDS 15/02/2045 USD (Bonds 02/45) 4.11%
  9. Swu00neg7 Irs Usd P V 03mlibor Swuv0neg9 Ccpvanilla 3.51%
  10. Swu00neg7 Irs Usd R F 1.95750 Swu00neg7 Ccpvanilla 3.49%

Asset Allocation

Weighting Category Low Category High PCSIX % Rank Quintile
Bonds
92.94% -175.98% 562.01% 14.65% 3
Cash
3.31% -461.99% 275.92% 18.46% 3
Other
3.28% -21.49% 99.99% 4.78% 1
Convertible Bonds
0.47% 0.00% 13.10% 5.39% 2
Stocks
0.00% -16.98% 97.03% 5.95% 3
Preferred Stocks
0.00% 0.00% 22.97% 6.66% 3

Bond Sector Breakdown

Weighting Category Low Category High PCSIX % Rank Quintile
Government
54.58% -389.49% 503.27% 2.70% 1
Securitized
22.09% 0.00% 118.59% 20.24% 4
Corporate
15.36% 0.00% 221.70% 29.20% 5
Cash & Equivalents
3.31% -462.00% 275.92% 17.85% 3
Municipal
1.02% 0.00% 101.86% 8.34% 2
Derivative
0.35% -104.39% 138.18% 2.70% 1

Bond Geographic Breakdown

Weighting Category Low Category High PCSIX % Rank Quintile
US
71.69% -403.19% 500.82% 21.21% 4
Non US
21.25% -171.42% 477.72% 6.92% 2

PCSIX - Expenses

Operational Fees

PCSIX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.90% 0.00% 44.72% 9.73% 3
Management Fee 0.50% 0.00% 2.15% 2.44% 4
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee 0.10% 0.00% 0.63% 2.43% 3

Sales Fees

PCSIX Fees (% of AUM) Category Low Category High PCSIX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 0.15% 5.50% N/A N/A

Trading Fees

PCSIX Fees (% of AUM) Category Low Category High PCSIX Rank Quintile
Max Redemption Fee 1.00% 0.25% 2.00% 1.65% 1

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PCSIX Fees (% of AUM) Category Low Category High PCSIX Rank Quintile
Turnover 212.00% 0.00% 1576.00% 5.80% 4

PCSIX - Distributions

Dividend Yield Analysis

PCSIX Category Low Category High PCSIX % Rank Quintile
Dividend Yield 0.4% 0.00% 1.35% 10.29% 1

Dividend Distribution Analysis

PCSIX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PCSIX Category Low Category High PCSIX % Rank Quintile
Net Income Ratio 2.84% -1.56% 9.28% 9.17% 2

Capital Gain Distribution Analysis

PCSIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

PCSIX - Managers

Thanos Bardas

Manager

Start Date

Jan 21, 2015

Tenure

3.19

Tenure Rank

7.6%

Thanos Bardas, PhD, Managing Director, joined the firm in 1998. Thanos is the Head of Global Rates and serves as a Senior Portfolio Manager on Global Investment Grade and Multi-Sector Fixed income strategies. He sits on the firm’s Asset Allocation Committee and Fixed Income’s Investment Strategy Committee, and is a member of the Fixed Income Multi-Sector Group. Thanos also leads the Global Rates team in determining rates exposure across various portfolio strategies and oversees both inflation and LDI investments. Thanos graduated with honors from Aristotle University, Greece, earned his MS from the University of Crete, Greece, and holds a PhD in Theoretical Physics from State University of New York at Stony Brook. He holds FINRA Series 7 and Series 66 licenses.


David M. Brown

Manager

Start Date

Jan 21, 2015

Tenure

3.19

Tenure Rank

7.6%

David M. Brown, Managing Director, re-joined the predecessor firm to NBFI in January 2003. Dave is Head of Investment Grade Corporate Strategies and the Head of Corporate Trading. He is a member of the Investment Grade Strategy Committee and is responsible for determining credit exposures across various portfolio strategies and for managing the credit trading group. Dave initially joined the firm in 1991 after graduating from the University of Notre Dame with a BA in Government and subsequently received his MBA in Finance from Northwestern University. Prior to his return, he was a senior credit analyst at Zurich Scudder Investments and later a credit analyst and portfolio manager at Deerfield Capital. Dave has been awarded the Chartered Financial Analyst designation.


Bradley C. Tank

Manager

Start Date

Jan 21, 2015

Tenure

3.19

Tenure Rank

7.6%

Brad C. Tank, Managing Director, joined the firm in 2002 and is the Chief Investment Officer and Global Head of Fixed Income. He is a member of Neuberger Berman’s Operating, Investment Risk, Asset Allocation Committees and Fixed Income’s Investment Strategy Committee, and leads the Fixed Income Multi-Sector Group. From inception in 2008 through 2015, Brad was also Chief Investment Officer of Neuberger Berman’s Multi-Asset Class Investment business and remains an important member of that team along with the firm’s other CIOs. From 1990 to2002, Brad was director of fixed income for Strong Capital Management in Wisconsin. He was also a member of the Office of the CEO and headed institutional and intermediary distribution. In 1997, Brad was named “Runner Up” for Morningstar Mutual Fund Manager of the Year. From 1982 to 1990, he was a vice president at Salomon Brothers in the government, mortgage and financial institutions areas. Brad earned a BBA and an MBA from the University of Wisconsin.


Thomas J. Marthaler

Manager

Start Date

Jan 21, 2015

Tenure

3.19

Tenure Rank

7.6%

Thomas J. Marthaler, CFA, Managing Director, joined NBFI in 2006. Tom is a Portfolio Manager/Client Specialist on the Investment Grade Fixed Income Team. Prior to joining the firm, Tom served as executive vice president and CIO for North American Fixed Income at ABN AMRO Asset Management, and its predecessor firm, Chicago Title and Trust. His career began in 1981 in fixed-income and includes trading, research, portfolio management, client service and product management. He earned a BA from the University of St. Thomas and an MBA from Loyola University in Chicago. In addition, Tom has been awarded the Chartered Financial Analyst designation.


Andrew A. Johnson

Manager

Start Date

Jan 21, 2015

Tenure

3.19

Tenure Rank

7.6%

Andrew A. Johnson, Managing Director, joined the predecessor firm to NBFI in 1989. Andy is the Head of Investment Grade Fixed Income and lead portfolio manager for multiple core bond portfolios. He is the Chief Investment Officer for investment grade strategies with responsibility for the overall direction of the investment process and research. Andy leads the senior investment team that sets overall portfolio strategy, and serves on numerous investment grade sector specialty teams. Prior to joining the firm, Andy was a manager of financial planning and analysis at Illinois Bell. Previously, he had been an R&D engineer at Northrop Defense Systems Division. Andy earned his BS and MS degrees in Electrical Engineering at the Illinois Institute of Technology and his MBA from the University of Chicago.


Scott A. Mather

Manager

Start Date

Jan 16, 2015

Tenure

3.21

Tenure Rank

7.6%

Mr. Mather is CIO U.S. Core Strategies and a managing director in the Newport Beach office. He is a member of the Investment Committee and a generalist portfolio manager. Mr. Mather also oversees ESG portfolio integration in the U.S. Previously he was head of global portfolio management. Before that, he led portfolio management in Europe, managed euro and pan-European portfolios and worked closely with many Allianz-related companies. He also served as a managing director of Allianz Global Investors KAG. Prior to these roles, Mr. Mather co-headed PIMCO's mortgage- and asset-backed securities team. Prior to joining PIMCO in 1998, he was a fixed income trader specializing in mortgage-backed securities at Goldman Sachs in New York. He holds a master's degree in engineering, as well as undergraduate degrees, from the University of Pennsylvania.


Gina Toth

Manager

Start Date

Mar 31, 2013

Tenure

5.0

Tenure Rank

6.2%

Gina Toth, CFA, is a Portfolio Manager within the MMS team at UBS AM, focusing on fixed income and multi-asset investment strategies, including liquid alternatives. She is part of the team responsible for manager due diligence and selection, portfolio construction, risk management, investment oversight, and performance of multi-asset strategies. Ms. Toth joined the firm in March 2013. Previously, she worked at AllianceBernstein as a Senior Portfolio Manager in New York and Sydney, specializing in multi-asset portfolios, asset allocation and custom solutions for the institutional, high-net worth and retail channels, encompassing both traditional and non-traditional asset classes. She also spent 14 years in New York and London as a fixed income portfolio manager for US and global portfolios.


Mabel Lung

Manager

Start Date

Dec 31, 1995

Tenure

22.26

Tenure Rank

0.4%

• Mabel has been an integral member in portfolio management of Multi-Asset and Multi-Component Portfolios since 2000 when UBS Asset Management launched the UBS Multi-Asset Managed Accounts Program. • Recognizing the importance of after-tax investment results to US private clients, Mabel led her team to launch Personalized Tax Management in 2011 as a tax overlay investment service to multi-asset portfolios. • Mabel has significant experience in manager selection, overseeing $30 billion of assets for institutional and private clients globally through open architecture of best-in-class managers in liquid strategies, combined with a keen focus on risk-aware and holistic portfolio construction. • Mabel joined the firm in 1984, after her graduate study in business administration and has held various positions in finance, treasury, strategic and business planning, prior to joining the asset management division of the firm in 1995. • Prior to business school, she was a corporate finance analyst at an investment banking firm.


Fred Lee

Manager

Start Date

Dec 31, 2009

Tenure

8.25

Tenure Rank

4.1%

Fred Lee, CFA, as the Head of Portfolio Construction & Quantitative Research within the MMS team since January 2009, oversees the portfolio construction process in determining the specific allocations to individual managers. He also leads the team responsible for the quantitative assessment of managers. Mr. Lee is located in the London office of UBS AM, which he joined in 2006 as a Risk Analyst where he provided risk assessment and monitoring for all client portfolios and enhanced proprietary risk models. Prior to joining UBS AM, Mr. Lee worked as a consultant for MSCI Barra providing advice to large investment managers across Europe on the interpretation and use of risk models and analytics.


Anthony Karaminas

Manager

Start Date

Sep 30, 2014

Tenure

3.5

Tenure Rank

7.3%

Anthony Karaminas is an Analyst within the MMS team at UBS AM, focusing on fixed income strategies. Mr. Karaminas' responsibilities include manager due diligence and selection, portfolio construction, risk management, investment oversight, and performance of fixed income strategies. Mr. Karaminas joined UBS AM in September 2014. He previously held the role of Sector Head of Global Fixed Income and Global High Yield with S&P funds research in London and previously served as an Analyst in Melbourne. Prior to this, he had been a Senior Analyst at Goldman Sachs & Co.


Tenure Analysis

Category Low

0.0

Category High

29.2

Category Average

6.38

Category Mode

3.2