Voting With Or Against Management
16. What proportion of the time do you vote with or against management on shareholder resolutions, board appointments, and auditor appointments? What proportion of the time do you vote with or against management on ESG issues? How does this break down for climate, diversity, and remuneration issues?
The following response is intended to address Questions 16 through 20.
PIMCO has adopted written proxy voting policies and procedures as required by Rule 206-6 under the Advisers Act. PIMCO evaluates all proxies in accordance with this policy unless we do not have client authorization to do so. It should be noted that it is unusual for the firm to engage in proxy voting for fixedincome strategies.
As a bondholder, PIMCO generally does not consider proxy voting to be a primary form of engagement for ESG purposes. For this reason, sustainability and ESG factors are not explicitly considered in PIMCOs Voting Policy we do, however, take the following factors into account when deciding how to vote proxies: the long-term benefit to shareholders of promoting corporate accountability and responsibility managements responsibility with respect to special interest issues any economic costs and restrictions on management the responsibility to vote proxies for the greatest long-term shareholder value.
PIMCOs Global Proxy Voting Policy Summary is available by contacting your PIMCO representative.
Composition Of Senior Leadership Team And Board Of Directors
15. Please provide the composition of your senior leadership team and board of directors, including women and visible minorities. How do you encourage diversity of perspectives and experience?
Please refer to the attached, Exhibit 4, PIMCO Workplace, People, Programs and Exhibit 5, PIMCO Inclusion and Diversity Annual Report for further detail.
Sustainable Investing And Esg Factors
2. Are sustainable investing and ESG factors integrated into your investment process and portfolio management decisions? If yes, please provide details.
The PIMCO Canada Canadian CorePLUS Bond Trust does not disclose any ESG-related objectives however, PIMCO systematically integrates material non-financial, sustainability factors through our broad bottom-up and top-down research processes. ESG factors are considered as part of the research process across the firm, where applicable, which inform the recommendations of our analysts and our investment decisions.
At the firm level, PIMCO integrates material ESG factors into the investment research process where applicable to better assess issuer risks. Our process emphasizes rigorous analysis of broad secular trends, which are at the core of both global ESG trends and long-term asset returns. PIMCO has developed a robust platform specialized in supporting ESG-focused investment solutions based on our belief that ESG integration is essential to optimizing outcomes over the long-term. For this reason, our investment process evaluates ESG risk factors from both the top-down and bottom-up where applicable.
As illustrated below, PIMCO blends its macro analysis with detailed bottom-up work.
The firms global research teams aim to evaluate ESG-related issues as part of their bottom-up analysis.
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Pimco Es Uno De Los Tenedores De Bonos Que Pide El Fin De La Era De Baja Inflacin
Los gestores de fondos han estado comprando bonos protegidos contra la inflación, aumentando la exposición a las materias primas y ampliando las tenencias de efectivo
Anuncio de Pacific Investment Management Company LLCUn anuncio de Pacific Investment Management Company LLC que se muestra en un edificio en Hong Kong, China, el miércoles 13 de noviembre de 2013.
22 de agosto, 2022 | 06:59 pm
Bloomberg Algunos de los mayores inversores mundiales en bonos dicen que el mercado se equivoca al esperar que los bancos centrales consigan una victoria a largo plazo en la guerra contra la inflación.
No hay duda de que las alzas de las tasas de interés por parte de los responsables de formular la política monetaria de los Estados Unidos y de Europa frenarán el aumento de los precios al consumidor desde el nivel más elevado en décadas, ralentizando el crecimiento económico o provocando recesiones.
Pero es muy poco probable que el retroceso de la inflación desde su máximo marque una vuelta a la estabilidad de precios del pasado reciente, debido a los fuertes cambios en la economía mundial, según un amplio grupo de inversores y estrategas de empresas como Pacific Investment Management Co , Capital Group y Union Investment.
Muestra la inflación prevista para los próximos dos años
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Esg Oversight And Integration Responsibilities
4. Please describe how ESG oversight and integration responsibilities are structured at your firm, including the process for escalation of key ESG issues. How do you obtain ESG information/data ?
PIMCOs ESG team is not a separate business unit, but integrated across all functions of the firm from portfolio management to client-facing, executive office to product strategy, compliance to marketing. This ensures that ESG is integrated into PIMCOs broad research process and includes staff at every point along the value chain. We believe it is important to have all of our expert analysts monitor the ESG risks that are relevant to their particular sector and universe of securities. This ensures that ESG risk factors and opportunities are integrated into our investment decision-making, as opposed to being an add-on separate from our financial analysis.
Please see below for PIMCOs ESG team as of 31 March 2022:
PIMCO Credit Research ESG Integration
PIMCO credit analysts maintain research coverage of a broad range of credits, with an emphasis on independent, original research, including on ESG criteria.
From a security selection perspective, the firms global research aims to evaluate ESG-related issues across all of the issuers that we cover as part of their credit analysis.
To illustrate our approach, please refer below for a general example of how ESG criteria are incorporated into our credit assessment:
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Credibility Of Emission Reduction Targets
13. How do you assess the credibility of a companys emission reduction targets?
PIMCO utilizes ESG data providers which may add additional input into our in-house analysis. The firm relies primarily on internal research for decision-making however, PIMCO also screens substantial amounts of external data sets. With regard to assessing the credibility of a companys emissions reduction target, PIMCO utilizes external data providers such as SBTi, and TPI to determine if an issuers carbon emissions reduction target is in alignment with the science-based targets initiative.
Programa De Conversin De 3 + One
En el “3 + One”, en el cual se decidió en 2003, se tomaron varias iniciativas para aumentar el valor de Allianz SE. Los objetivos específicos de este programa son:
- 1 La protección y el fortalecimiento de la base de capital
- 2 Mejoras significativas en la rentabilidad operativa
- 3 Reducir la complejidad
- “Uno +”. Aumento sostenible de la competitividad y el valor de la empresa
En el marco del “3 + One” del programa incluían las siguientes medidas:
- Reducción de la Junta Ejecutiva de la sociedad de cartera recientemente formada de 20 a doce miembros.
- Completar la fusión de la Frankfurter Versicherungs-AG y Bayerische AG y Banco de Seguros Allianz Versicherungs-AG.
- Reducción de siete sucursales en cuatro uniformes de venta y áreas de servicio en Alemania.
A raíz de la separación de la denominada Deutschland AG, que era la accionista mayoritaria de Allianz AG, Allianz SE reduce progresivamente su participación en la rama de producción nacional. A pesar de todo, Allianz SE sigue siendo significativa en algunas acciones de las mayores empresas alemanas.
En abril de 2007, un portavoz de Allianz anunció que las conversaciones con la corporación financiera rusa Progress-Garant eran reales. Objeto de debate es la adquisición a un precio de 100 millones de dólares. . Progress-Garant es el asegurador más grande de Rusia.
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Examples Of Pimco In A Sentence
Interest expense is borne by the Portfolio separately from the management fees paid to PIMCO.
Applications for Shares Investment Minimums.7KH 0LQLPXP ,QLWLDO 6XEVFULSWLRQKe yIInRfoUrm at6ioKn DReUgaHrdVin gRShIa reHDFK )XTransactions´ Th e Directors have delegated the authority to PIMCO to waive the Minimum Initial Subscription and Minimum Holding.
This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCOs contract with the CRRS Subsidiary is in place.
The CRRS Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets.
PIMCO has contractually agreed to waive the Portfolios advisory fee and the supervisory and administrative fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Cayman Commodity Portfolio I Ltd.
Alignment With Global Temperature Goals
14. What forward-looking metrics do you use to assess an investments alignment with global temperature goals?
To help analysts evaluate climate risk, PIMCOs ESG specialists designed seven proprietary tools , drawing on our decades of experience in fixed income analysis. The insights these tools provide are intended to help portfolio managers to better manage and mitigate climate-related credit risks and align portfolios with ESG objectives with the Paris Agreement targets as always, working within specific portfolio objectives and guidelines. These analytical frameworks serve the whole spectrum of PIMCOs strategies with ESG objectives and broader investment strategies that do not have ESG-related objectives and enable PIMCOs strategies with ESG objectives to align with the recommendations of the TCFD.
#1: Climate Macro Tracker
To ensure we have a robust long-term, top-down perspective on climate risk, PIMCO designed and developed our own Climate Macro Tracker. This tool monitors the broad momentum in climate change across key themes and scenarios, and measures the gap between the real-world metrics and global climate goals. Along with the challenges and risks, we also keep an eye on climate-related macro trends likely to create business and investment opportunities.
Tool #2: Portfolio Climate Risk Heat Map
Tool #3: Issuer Climate Risk Score
Tool #4: Portfolio Energy and Technology Mix Measured Against the Paris Agreement
Tool #5: Portfolio Carbon Intensity Analysis
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Pimco’s Total Return Fund
The company’s Total Return Fund seeks to maximize capital while preserving capital. The fund, established in 1987, emphasizes higher-quality, intermediate-term bonds and is more globally diversified, therefore aiming to reduce concentration risk. The fund also has flexibility that helps respond to changing economic conditions.
The fund pays a monthly dividend and covers the U.S. investment-grade, fixed-rate bond market with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Allianz En El Deporte
Allianz tiene los derechos del , un estadio de fútbol situado al norte de Múnich, Alemania, que está patrocinado por Allianz. Los dos clubes de fútbol de Múnich, el y han jugado sus partidos en el Allianz Arena desde el inicio de la . Ambos clubes habían jugado sus partidos en el , el Bayern de Múnich desde 1972 y el TSV 1860 Múnich desde la década de 1990.
Allianz es el propietario del equipo de fútbol polaco, .
Allianz había estado en negociaciones con los y los para comprar el derecho de renombrar el de , en , pero esas conversaciones terminaron debido a la oposición de grupos judíos y supervivientes del .
Allianz ha sido un patrocinador del equipo desde el año 2000.
Allianz SE es uno de los principales donantes a desde 2000 y ya ha donado más de 2,7 millones de euros para los partidos del , exceptuando .
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Pacific Investment Management Company Llc
|Pacific Investment Management Company LLC|
|Banking or thrift institutions||38|
|Pension and profit sharing plans||497|
|State or municipal government entities||113|
|Sovereign wealth funds and foreign official institutions||93|
|Corporations or other businesses not listed above||85|
Periodic Reviews Of Esg Process/approach
6. Do you have periodic reviews of your ESG process/approach to assess its effectiveness? What are the results? What would cause you to disregard ESG issues in your investment/analysis decisions?
PIMCOs ESG Policy is reviewed at least annually by the ESG Leadership team who provides feedback on PIMCOs ESG capabilities and platform. Refer to the response to Question for 1 for additional information.
Furthermore, we are constantly evolving and improving our ESG processes and capabilities, through building proprietary scoring systems, improving our ESG research coverage across asset classes and hiring industry experts.
The PIMCO Canada Canadian CorePLUS Bond Trust does not have an explicit ESG focused investment objective. PIMCOs portfolios incorporate material ESG factors into the research process, but these factors are not directly used in portfolio construction decisions.
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Pacific Investment Management Company
Relationship To The Government
The financial sector is traditionally among those to receive government support in times of widespread economic crisis. Such bailouts, however, enjoy less public support than those for other industries.
A commercial bank is what is commonly referred to as simply a bank. The term “” is used to distinguish it from an , a type of financial services entity which instead of lending money directly to a business, helps businesses raise money from other firms in the form of or .
The primary operations of commercial banks include:
The United States is the largest location for commercial banking services.
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Engagement Goals And Strategy
21. How many companies do you engage with? What proportion of your engagements focus on environmental and social issues? What are your engagement goals? Are these goals outcome/action-based or means-based ?
The following response is intended to address Questions 21 and 22.
In portfolios with ESG-related objectives, PIMCO can aim to engage intensively with the issuers in the portfolio to help influence ESG policies and drive more sustainable business practices. However, for portfolios that do not have ESG-related objectives or exclusions like the PIMCO Canada Canadian CorePLUS Bond Trust, there is no explicit objective to actively engage with ESG issuers on sustainability practices.
For some examples of our firm-wide ESG engagement efforts in 2020, please refer to Exhibit 1, PIMCO ESG Investing Report.
What Is Pimco
PIMCO, or the Pacific Investment Management Company, is an American investment management firm founded in 1971 in California. The firm focuses on fixed income and manages more than $2.2 trillion in assets. The firm primarily handles portfolio management, account management, and business management.
PIMCO specializes in fixed-income securities. It manages the internationally known Total Return Fund. The company serves institutional investors, high-net-worth individuals, and individual investors with its account services and mutual funds.
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