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Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

PACE Strategic Fixed Income Investments

PCSIX | Fund

$11.67

$592 M

4.78%

$0.56

0.66%

Vitals

YTD Return

0.9%

1 yr return

-5.1%

3 Yr Avg Return

-6.9%

5 Yr Avg Return

-2.6%

Net Assets

$592 M

Holdings in Top 10

47.2%

52 WEEK LOW AND HIGH

$11.7
$11.17
$12.36

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 147.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$10,000

IRA

$10,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

PACE Strategic Fixed Income Investments

PCSIX | Fund

$11.67

$592 M

4.78%

$0.56

0.66%

PCSIX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return -6.9%
  • 5 Yr Annualized Total Return -2.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.44%
DIVIDENDS
  • Dividend Yield 4.8%
  • 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
    Mabel Lung

Fund Description

Principal investments

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 US Government/Credit Index, which as of July 31, 2022 was approximately 6.84 years and may change over time. Duration is a measure of the fund's exposure to interest rate risk—a longer duration means that changes in market interest rates are likely to have a larger effect on the value of the fund's portfolio.

Under normal circumstances, 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, which may be represented by derivatives or investments in securities of other investment companies that invest primarily in fixed income securities. Such investments may include US government bonds, bonds that are backed by mortgages and other assets, bonds (including convertible bonds) of US and foreign private issuers, foreign government bonds (including bonds issued by supranational and quasi-governmental entities), foreign currency exchange-related securities, repurchase agreements, municipals, structured notes, bank loans, and money market instruments (including commercial paper and certificates of deposit). There are different types of US government securities, including those issued or guaranteed by the US government, its agencies and its instrumentalities, and they have different types of government support. Some are supported by the full faith and credit of the US, while others are supported by (1) the ability of the issuer to borrow from the US Treasury; (2) the credit of the issuing agency, instrumentality or government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the US government in some other way. The fund may also invest in equity securities, such as preferred shares and securities convertible into stocks.

The fund also invests, to a limited extent, in bonds that are below investment grade. Securities rated below investment grade (or unrated bonds of equivalent quality) are commonly known as "junk bonds." The fund may invest in when-issued or delayed delivery bonds to increase its return, giving rise to a form of leverage.

The fund may invest in "to be announced" or "TBA" securities, which are mortgage-backed securities that usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date, issued or guaranteed by US government agencies and instrumentalities. The fund also may engage in TBA and Treasury "roll" transactions. A TBA roll transac-

tion is a strategy whereby the fund decides to sell one TBA security and buy another TBA security due at a later date (Treasury roll transactions differ in that the underlying securities are US Treasury securities).

The fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or to attempt to increase total returns. The derivatives in which the fund invests include options (on securities and swap agreements), futures (on securities or interest rate futures), currency forward agreements, swap agreements (specifically, interest rate, total return and credit default swaps) and structured notes. These derivatives may be used for risk management purposes, such as hedging the fund's security, index, currency, interest rate or other exposure, or otherwise managing the risk profile of the fund. In addition, the derivative instruments listed above may be used in place of direct investments; to obtain or adjust exposure to certain markets; or to establish net short positions in markets, currencies or securities. Options, interest rate futures and swaps may also be used to adjust the fund's portfolio duration.

The fund engages in frequent trading from time to time and consequently, the fund's investment strategies can result in high portfolio turnover.

Management process

The fund employs a "manager of managers" structure. UBS AM, the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among the fund's subadvisor(s). The relative value of each subadvisor's share of the fund's assets may change over time.

UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources. The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes analyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select

the most attractive candidate(s) for the fund, subject to the board's approval.

In managing the fund and overseeing the fund's subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon. In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly, quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund.

The main strategies of the subadvisors include:

•  A strategy that focuses on those areas of the bond market that the subadvisor considers undervalued.

•  An "opportunistic fixed income" strategy that employs a consistently applied, risk managed approach to portfolio management that leverages the subadvisor's proprietary fundamental research capabilities, decision making frameworks and quantitative risk management tools.

•  A strategy that seeks to invest in a diversified portfolio of fixed income instruments that are performing, durable, and available at an attractive valuation, including floating or variable rate debt instruments.

Read More

PCSIX - Performance

Return Ranking - Trailing

Period PCSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -50.1% 6.9% 16.83%
1 Yr -5.1% -25.4% 139.4% 48.75%
3 Yr -6.9%* -13.0% 100.8% 84.92%
5 Yr -2.6%* -10.0% 55.1% 73.77%
10 Yr -2.2%* -7.4% 12.3% 90.80%

* Annualized

Return Ranking - Calendar

Period PCSIX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.6% -75.2% 1360.6% 70.47%
2021 -2.2% -14.5% 1027.9% 84.15%
2020 1.1% -9.6% 118.7% 61.49%
2019 1.6% -11.4% 5.8% 21.95%
2018 -0.9% -49.5% 12.4% 81.91%

Total Return Ranking - Trailing

Period PCSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -50.1% 6.9% 18.39%
1 Yr -5.1% -25.4% 139.4% 48.75%
3 Yr -6.9%* -13.0% 100.8% 84.92%
5 Yr -2.2%* -10.0% 55.1% 46.09%
10 Yr -0.1%* -7.4% 13.1% 20.75%

* Annualized

Total Return Ranking - Calendar

Period PCSIX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.6% -75.2% 131.9% 70.38%
2021 -2.2% -14.5% 1027.9% 84.05%
2020 1.1% -9.6% 118.7% 61.49%
2019 1.6% -11.4% 5.8% 19.33%
2018 -0.2% -7.0% 12.4% 21.12%

NAV & Total Return History

PCSIX - Holdings

Concentration Analysis

PCSIX Category Low Category High PCSIX % Rank
Net Assets 592 M 1.19 M 287 B 59.27%
Number of Holdings 532 1 17234 56.70%
Net Assets in Top 10 239 M -106 M 27.6 B 48.64%
Weighting of Top 10 47.22% 3.7% 100.0% 20.52%

Top 10 Holdings

  1. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  2. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  3. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  4. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  5. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  6. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  7. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  8. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  9. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%
  10. Us 10yr Note (Cbt)sep21 Xcbt 20210921 15.27%

Asset Allocation

Weighting Return Low Return High PCSIX % Rank
Bonds 		92.07% 3.97% 268.18% 75.90%
Cash 		6.44% -181.13% 95.99% 23.28%
Convertible Bonds 		1.49% 0.00% 10.39% 46.83%
Stocks 		0.00% -0.98% 24.74% 79.51%
Preferred Stocks 		0.00% 0.00% 77.13% 83.15%
Other 		0.00% -13.23% 23.06% 69.66%

Bond Sector Breakdown

Weighting Return Low Return High PCSIX % Rank
Government 		44.38% 0.00% 86.23% 7.52%
Corporate 		28.29% 0.00% 100.00% 55.80%
Securitized 		13.29% 0.00% 98.79% 88.41%
Derivative 		8.31% 0.00% 25.16% 7.79%
Cash & Equivalents 		5.48% 0.00% 95.99% 37.86%
Municipal 		0.24% 0.00% 100.00% 59.42%

Bond Geographic Breakdown

Weighting Return Low Return High PCSIX % Rank
US 		98.61% 3.63% 210.09% 10.42%
Non US 		-6.54% -6.54% 58.09% 100.00%

PCSIX - Expenses

Operational Fees

PCSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.01% 2.93% 42.20%
Management Fee 0.51% 0.00% 1.76% 91.87%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% 57.56%

Sales Fees

PCSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PCSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 67.16%

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 Return Low Category Return High Rank in Category (%)
Turnover 147.00% 2.00% 493.39% 54.51%

PCSIX - Distributions

Dividend Yield Analysis

PCSIX Category Low Category High PCSIX % Rank
Dividend Yield 4.78% 0.00% 12.67% 19.59%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PCSIX Category Low Category High PCSIX % Rank
Net Income Ratio 2.44% -1.28% 8.97% 11.86%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PCSIX - Fund Manager Analysis

Managers

Mabel Lung

Start Date

Tenure

Tenure Rank

Dec 31, 1995

26.43

26.4%

• 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

Start Date

Tenure

Tenure Rank

Dec 31, 2009

12.42

12.4%

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.

Gina Toth

Start Date

Tenure

Tenure Rank

Mar 31, 2013

9.17

9.2%

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.

Thanos Bardas

Start Date

Tenure

Tenure Rank

Jan 21, 2015

7.36

7.4%

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 holdsa PhD in Theoretical Physics from State University of New York at Stony Brook. He holds FINRA Series 7 and Series 66 licenses.

David Brown

Start Date

Tenure

Tenure Rank

Jan 21, 2015

7.36

7.4%

David M. Brown, CFA, Managing Director, rejoined the firm in 2003. Dave is Global Co-Head of Investment Grade and acts as Senior Portfolio Manager on both Global Investment Grade and Multi-Sector Fixed Income strategies. He is a member of the Fixed Income Investment Strategy Committee and the Fixed Income Multi-Sector Group. Dave also leads the Investment Grade Credit team in determining credit exposures across both Global Investment Grade and Multi-Sector Fixed Income strategies. 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 Tank

Start Date

Tenure

Tenure Rank

Jan 21, 2015

7.36

7.4%

Brad C. Tank is a Managing Director of the Manager. He joined the firm in 2002 and is the Chief Investment Officer and Global Head of Fixed Income. He is a member of the firm’s Operating, Investment Risk, Asset Allocation and Fixed Income’s Investment Strategy Committees, and leads the Fixed Income Multi-Sector Group. He joined the firm after 23 years of experience in trading and asset management. From 2008 through 2015, Brad was 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.

Ashok Bhatia

Start Date

Tenure

Tenure Rank

Dec 31, 2017

4.42

4.4%

Ashok K. Bhatia, CFA, is a Managing Director of the Manager. He joined the firm in July 2017 and is the Deputy Chief Investment Officer of Fixed Income. He is a lead portfolio manager on multi-sector fixed income strategies and is also a member of the Multi-Asset Class portfolio management team, the Fixed Income Investment Strategy Committee and the firm’s Asset Allocation Committee. Previously, Ashok has held senior investment and leadership positions in several asset management firms and hedge funds, including Wells Fargo Asset Management, Balyasny Asset Management, and Stark Investments. Ashok has had investment responsibilities across global fixed income and currency markets. Ashok began his career in 1993 as an investment analyst at Morgan Stanley. Ashok received a BA with high honors in Economics from the University of Michigan, Ann Arbor, and an MBA with high honors from the University of Chicago. He has been awarded the Chartered Financial Analyst designation.

Adam Grotzinger

Start Date

Tenure

Tenure Rank

Nov 27, 2019

2.51

2.5%

Adam Grotzinger, CFA, Managing Director, joined the firm in 2015. Adam is a Senior Fixed Income Portfolio Manager based in Chicago. Prior to joining Neuberger Berman, Adam worked in the Fixed Income teams at Franklin Templeton in Singapore, London and California. Adam graduated Cum Laude from the University of Vermont with a B.S. in International Business and a minor in Political Science. He is a Chartered Financial Analyst (CFA) Charterholder and member of the Chicago CFA society

David Kelly

Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

David Kelly is a portfolio manager for Americas House View Portfolios for UBS AM. Mr. Kelly is responsible for managing portfolios offered to UBS Financial Services clients that are aligned with UBS Financial Services House Views. He is a voting member of the Managed Account Solutions Investment Committee. Prior to joining UBS AM in May 2021, Mr. Kelly was a portfolio manager in the Investment Management group of UBS Financial Services, where he was responsible for strategy selection, portfolio construction and management of the multi-managed strategies. Mr. Kelly was a voting member of the Investment Management Investment Committee and was a member of the Investment Management Research Committee. Prior to joining UBS in 2004, Mr. Kelly worked at Merrill Lynch for 15 years where he served in a variety of municipal and taxable fixed income capacities, including private client sales, municipal new issue marketing and fixed income portfolio construction.

Mohit Mittal

Start Date

Tenure

Tenure Rank

Jul 31, 2021

0.83

0.8%

Mr. Mittal is a managing director and portfolio manager in the Newport Beach office, and a senior member of the liability driven investment and credit portfolio management teams. He manages multi-sector portfolios with added specialization in long credit, investment grade credit and unconstrained bond portfolios. He joined PIMCO in 2007 and holds an MBA from the Wharton School of the University of Pennsylvania and an undergraduate degree in computer science from Indian Institute of Technology (IIT) in Delhi, India.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.76 1.16

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