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Pimco opens Kiesel's $10bn bond fund to international investors

Pimco opens Kiesel's $10bn bond fund to international investors

Pimco has launched a Ucits-compliant version of Citywire AA-rated Mark Kiesel’s $10.6 billion investment grade corporate bond fund for international investors.

The Pimco GIS US Investment Grade Corporate Bond fund was formally launched on September 15 and echoes a strategy Kiesel has run for US investors since 2002.

It is a portfolio consisting of high quality US dollar-denominated corporate bonds. It is designed for investors seeking a high-quality fixed income alternative to government bonds or domestic corporate bonds, with the potential for higher yields and enhanced portfolio diversification.

Kiesel, who is chief investment officer for global credit, said: ‘With yields on European government and corporate bonds at historic lows, and in some cases negative, the US corporate bond market continues to be one of the main areas offering much needed yield.’

In this approach, Kiesel will call on a team of more than 50 credit analysts and 50 credit portfolio managers. The firm’s global investment process involves a three-step process including top-down considerations, bottom-up fundamentals and valuations.

Kiesel oversees a host of Ucits-compliant and US mutual funds at the asset manager including the Pimco Total Return fund, which he co-runs with Scott Mather and Mihir Worah.

Across global corporate bond strategies, Kiesel is ranked 27th out of 68 for his three-year total return. He has returned 14.2% in US dollar terms over the three years to the end of August 2016, which compares to an average manager return of 9% over the same period.

As of September 15, the Pimco GIS US Investment Grade Corporate Bond Fund is registered in the UK and Ireland. It will be registered in other European markets in the coming days.

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