ESG Questionnaire Response - Pacific Investment Management Company LLC (PIMCO)

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Report date: June 23, 2022

UNPRI Transparency Report

 PIMCO's full response
(PDF, 20.8 MB)

ESG Policies

1. Please provide your ESG-related policies.

Please note the PIMCO Canada Canadian CorePLUS Bond Trust does not disclose any environmental, social and governance (“ESG”) investment objective.

At the firm level, PIMCO integrates material ESG factors into the investment research process where applicable to better assess issuer risks as part of our standard investment process. 

At PIMCO, we define ESG Integration as the integration of material ESG factors into investment research. We believe incorporating ESG factors should be part of a robust investment process. We recognize that ESG factors are increasingly material inputs into our understanding of global economies, markets, industries and business models. Whether climate change, income inequality, shifting consumer preferences, regulatory risks, human capital management or unethical conduct, ESG factors are important considerations when evaluating long-term investment opportunities. These factors are evaluated across markets and assets classes where applicable. Our commitment to ESG integration was one of the main drivers that led PIMCO to become a signatory to the UN Principles of Responsible Investment (PRI) in September 2011.

The integration of ESG factors into PIMCO’s investment process seeks to account for material ESG risks in both top-down macro positioning and bottom-up security evaluation. To the extent that ESG risks are material for particular sectors, issuers, etc., our fundamental credit views will reflect this. While ESG scores play a role in security selection for portfolios with ESG objectives, they are not a criterion for security selection in portfolios that do not have ESG-related objectives. Additionally, integrating material ESG factors into the evaluation process does not mean that ESG information is the sole consideration for an investment decision; instead, PIMCO’s portfolio managers and analyst teams evaluate a variety of factors, which can include ESG considerations, to make investment decisions. By integrating material ESG factors into the evaluation process, PIMCO is increasing the total amount of information assessed to generate a more holistic view of an investment, in efforts to deliver the best performance outcomes for our clients.

PIMCO ESG Investment Policy Statement

PIMCO has a published ESG Investment Policy Statement that details PIMCO’s commitments to: the integration of ESG factors broadly into our research process, sustainable investment solutions offered to our clients, our engagement with issuers on sustainability factors, and the evaluation of climate change and related risks in our investment analysis. PIMCO formalized our ESG Investment Policy Statement originally in 2012 with continuous enhancements and evolutions over the years.

This statement is designed to apply broadly to our firm’s long-term investment process and to our PIMCO sponsored funds with ESG objectives.

PIMCO’s ESG Policy is reviewed at least annually by the ESG Leadership team who provides feedback on PIMCO’s ESG capabilities and platform.

The ESG Leadership team is comprised of: Scott Mather, Managing Director and CIO U.S. Core Strategies and Sustainable Investing; Ryan Korinke, Managing Director; Tina Adatia, Executive Vice President; Kwame Anochie, Executive Vice President; Grover Burthey, Executive Vice President; Gavin Power, Executive Vice President; Lupin Rahman, Executive Vice President; and Del Anderson, Senior Vice President. Scott Mather is the sponsoring CIO for the firm’s ESG Platform with direct responsibility for these efforts. The team meets bi-weekly with presentations and regular updates among the team leaders. In addition, the group regularly invites external speakers to present their expertise in this field.

The policy statement is publicly available on PIMCO’s website via the following link: PIMCO ESG Investment Policy.

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 (i.e. macro) and bottom-up (i.e. security specific) where applicable.

From the top-down, the first and most important step in PIMCO’s process is to correctly identify the major longterm themes that will impact the global economy and financial markets. PIMCO believes that such analysis is fundamental to making sound investment decisions. The firm’s annual Secular Forums are devoted to identifying and analyzing these longer-term trends and the analysis of ESG-related issues fits directly into that process.

As illustrated below, PIMCO blends its macro analysis with detailed bottom-up work.

ESG Factors Integration

The firm’s global research teams aim to evaluate ESG-related issues as part of their bottom-up analysis.

PIMCO aims to consider all potential risks and opportunities that could affect particular issuers or industries, including those that are ESG-related. To facilitate the systematic integration of ESG risk factors in our analysis and help to monitor ESG related risks, we are continually enhancing our proprietary research with specific ESG related attributes and dedicated scoring. In addition, we have hosted training sessions for our analysts on available scoring methodologies, ESG systems, data and tools.

ESG data and analysis, both internal and external, are readily available to all portfolio managers, traders and research analysts across the firm which allows portfolio managers to make trading decisions which fully reflect the ESG risks of a given issuer.

3.a. Are you a signatory to the UNPRI?

Yes. We believe that the UNPRI is a leading force in the Environmental Social and Governance (“ESG”) conversation within the investment management industry. Based on our assessment of this organization and their standing within the industry, we became a UNPRI signatory in September 2011. As a UNPRI signatory, we participate in the annual UNPRI questionnaire on the implementation of the six principles. PIMCO’s answers to this questionnaire are publicly available.

In 2020 PIMCO received an A+ rating (highest score) from our UNPRI Assessment Report, which is the third consecutive year receiving an A+ rating. We now score A+ across every single indicator, reflecting our evolution in sustainable investing. PIMCO’s 2018, 2019 and 2020 scores are provided below.

Historical scores

UNPRI assessment reports are limited to asset managers signed up to the Principles for Responsible Investment (PRI) and primarily focus on a signatory’s responsible investment implementation across their overall investment process, among other factors. UNPRI Transparency Reports are available here. Prior to 2021, PRI assessments were awarded scores based on A+ - E scale. A+ being highest score, while E being the lowest. PRI Assessments awarded from 2021 onward are based on a scale of 1-5 Stars. 1 Star being the lowest score, 5 Stars being the highest. For 2021 Methodology, please refer here. For additional information regarding how UNPRI assesses signatory reporting, please refer here.

3.b. If you are signatory to other coalitions, please list them.

As a leading global asset manager, PIMCO frequently receives requests to join different initiatives that support various causes and guidelines including ESG efforts. Our ESG team vets and reviews each potential opportunity to ensure it aligns with our ESG philosophy and approach. We are highly involved with ESG and other sustainability efforts globally, helping to define global sustainability standards, and encourage greater disclosure from issuers.Below is a list of our industry leadership with global affiliations and initiatives:

PIMCO ESG Industry Leadership

Industry Leadership Overview

PRI Sovereign Working Group (SWG)

PIMCO is a Member

The purpose of this working group is to provide practical guidance for ESG integration and effective engagement in sovereign debt investing, by i) analysing material ESG risks and opportunities for sovereign bonds, ii) identifying main obstacles to further integration practices, and iii) establishing rationale and boundaries to bondholder engagement.

Carbon Disclosure Project (CDP)

PIMCO is a Signatory

- Organization that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts

- It is backed up by over 650 investors totalling $87 trillion in assets

PRI SDG Advisory Committee

PIMCO is a Member

- The purpose of this committee is to advise the PRI Association Executive on what activities PRI should, could undertake to stimulate, support and potentially monitor signatories who seek to align their investment strategy, policy, asset allocation, mandates, selection processes, investment decisions or active ownership with the ambitions of the SDGs.

UN Global Compact

PIMCO is a Participant

- This is a principle-based framework for businesses worldwide aimed to adopt sustainable and socially responsible policies and report on their implementation

- PIMCO supports the ten principles of the Global Compact with respect to human rights, labour, environment, and anti-corruption and is committed to incorporating them into our strategy, culture, and day-to-day operations.

UN Global Compact SDG Finance Lab

PIMCO is a Member

- This brings together a multi-disciplinary group of finance practitioners and experts to develop innovative private financial instruments that have the potential to direct private finance toward critical sustainability solutions

- The goal is to improve the risk /return profile of SDG Instruments to attract institutional investors.

Sustainability Accounting Standards Board – Investor Advisory Group (IAG)

PIMCO is a Founding Member

- This group comprises leading asset owners and managers who recognize the need for consistent, comparable, and reliable disclosure of material and decision-useful ESG information

- The group participates in the ongoing standards development process and encourages companies to participate in the development process

Climate Action 100+

PIMCO is an Investor

- This is a pledge made by investors to push 100 of the highest-emitting companies globally to do more to tackle the threat of climate change.

- More than 200 institutional investors with $26 trillion in assets under management pledged to support this initiative

FSB’s Task Force for Climate Related Financial Disclosures (TCFD)

PIMCO is a Signatory

- This task force has created a set of non-binding, voluntary recommendations for better climate-related financial disclosures 

- Its goal is to help firms understand what financial markets want from disclosure in order to measure and respond to climate change risks, and encourage firms to align their disclosures with investors’ needs

Institutional Investors Group on Climate Change (IIGCC)

PIMCO is a Member

- The leading investors coalition on climate change with more than 170 members across 13 countries, with over €23 trillion in assets

- The IIGCC is the membership body for investor collaboration on climate change and the voice of investors taking action for a prosperous, low carbon future

PRI Fixed Income Advisory Committee

PIMCO is a Member

This steering committee comprised of asset owners and managers oversees work streams related to raising awareness and understanding of responsible investing, helping investors develop robust processes for implementing the PRI, engaging with credit rating agencies on ESG integration, and identifying and share best practices among PRI signatories

Global Investors for Sustainable Development Alliance (GISD)

PIMCO is a Member

- The GISD will focus on accelerating long-term investment into sustainable development

- In partnership with investors, governments and multilateral institutions around the world, the GISD will deliver concrete solutions to scale-up long-term finance and investment which will specifically contribute to the realization of the UN’s Sustainable Development Goals (SDGs)

International Capital Markets Association (ICMA)

PIMCO is a member of the Executive Committee

- The Association promotes building internationally accepted standards of best practice in markets through the development of appropriate, broadly accepted guidelines, rule, recommendations, and standard documentation. In order to maintain and enhance the framework of cross-border issuing, trade, and investing in debt securities

- The Executive Committee is responsible for the executive management and administration of the Association, including addressing all matters relating to the ICMA’s Principles: the Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainability Bond Guidelines (SBG). Ketish Pothalingam is on the Executive Committee.

Transition Pathway Initiative (TPI)

PIMCO is a Supporter

- A global asset owner-led initiative (including clients and investment consultants) that assesses companies’ preparedness for the transition to a low-carbon economy

- TPI data and tools help inform our assessment of climate risks and engagement with bond issuers

Climate Bonds Initiative (CBI)

PIMCO is a Partner

- A leading organization focused on fixed income and climate change solutions

- CBI has been instrumental in supporting more robust data and standards to propel the Green bond market, and remains heavily involved in shaping new Green bond-related regulations

UNGC CFO Taskforce

PIMCO is a co-Founder

- PIMCO, in partnership with the UN Global Compact and energy utility ENEL, launched the CFO Taskforce

- The aim of the taskforce is to mobilize hundreds of CFOs to tackle the financing needs around the Sustainable Development Goals


PIMCO is a member

- A global network of investors addressing ESG issuer in protein supply chains, with over $23 trillion in member AUM

- The aim of the initiative is to build a network of investors who are aware of the issues linked to intensive animal production and seek to minimize the risks within the broader food system

One Planet Asset Management Initiative

PIMCO is a member

- Initiative created following the 2015 Paris Agreement to collectively mitigate the effects of climate change

- Aims to help Sovereign Wealth Funds foster a shared understanding of key principles, methodologies, and indicators related to climate change; identify climate-related risks and opportunities in their investments; and enhance their decision-making frameworks to better inform their priorities as investors and financial market participants

Investor Group on Climate Change (IGCC)
PIMCO is a member

- Collaboration of Australian and New Zealand  institutional investors focused on the impact of climate change on investments

- Represents investors with total funds under management of over $2 trillion in Australia and New Zealand and $20 trillion around the world. IGCC members cover over 7.5 million people in Australia and New Zealand

Bank of England Climate Financial Risk Forum (CFRF)
PIMCO is a working group member

- Aims to build capacity and share best practice across industry and financial regulators to advance our sector’s responses to the financial risks from climate change

- Brings together senior representatives from across the financial sector, including banks, insurers, and asset managers and also includes observers from trade bodies to represent a broader range of firms and ensure the outputs of the CFRF are communicated to their members

Access to Nutrition Initiative
PIMCO is a Signatory

- Aim to drive change by tracking and driving the food industry’s attempts to tackle undernutrition, obesity and diet-related chronic diseases at the local and global levels 

- Collaborative engagement facilitated by ATNI; goal is to persuade the companies rated by ATNI to improve their performance on nutrition and demonstrate their positive impact on consumers’ health by improving their products and business practices

PIMCO is a member

- Seeks to shift investment practices towards sustainability and focuses on positive social and environmental impacts

- Produces research, offers educational resources, advances public policy initiatives and public awareness, and connects the sustainable and  impact investing community

The Investors Agenda - Global Investor Statement to Governments on the Climate Crisis
PIMCO is a Signatory

- Coordinated by the seven Founding Partners of The Investor Agenda, Asia Investor Group on Climate Change, CDP, Ceres, Investor Group on Climate Change, Institutional Investors Group on Climate Change, Principles for Responsible Investment and UNEP Finance Initiative

- Signed by 456 investors representing over USD $41 trillion in assets

Sustainable Markets Initiative (SMI)
PIMCO is a member

- Aims to use the framework of sustainable markets and rapid decarbonization to change our current sustainability trajectory

- Relies on the 10 key areas as outlined in HRH The Prince of Wales's 10-point action plan

Sustainable Bond Network (NASDAQ)
PIMCO is an Advisory board member

- Connects issuers of sustainable bonds with investors looking to source detailed sustainable bond information for investment due diligence, selection, reporting and monitoring

- Provides all the documents, data and qualitative information investors need, and holds data on allocation, impact, frameworks, certifications, targeted sustainable development goals and bonds

PRI Sub-Sovereign Debt Advisory Committee
PIMCO is a Chair and Member

- Aims to identify how investors consider ESG factors when allocating capital to subsovereign debt

- Promote systematic and transparent incorporation of ESG factors in investment decisions for sub-sovereign debt

Milken Public Finance Advisory Council
PIMCO is Member
- Aims to solidify the fragmented municipal securities market, lift public sector capacity for financial innovation, and develop policies, partnerships, and financial products to support essential and equitable public services that will accelerate post-COVID-19 economic recovery and job creation
PRI Collaborative Stewardship Initiative on Social Issues and Human Rights Advisory Committee
PIMCO is an Advisory Committee member and participant

- Aims to coordinate collaborative engagement among investors to address human rights and social issues related to their investment

- Our role as part of the advisory committee is to help steer strategic decision and focus of the initiative and lead at least one collaborative engagement with companies

As of 31 March 2022

3.c. Indicate any other international standards, industry guidelines, reporting frameworks, or initiatives that guide your responsible investing practices.

Please refer to the response to question 3 b) above

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 (e.g. public information, third party research, reports and statements from the company, direct engagement with the company)?

PIMCO’s 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 PIMCO’s 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.

To help set the priorities for the firm’s ESG Platform, PIMCO has a focused ESG Leadership Team in place that is responsible for leading firm-wide ESG integration, enhancing our ESG capabilities and supporting the development of portfolios with ESG objectives. The group sets objectives and evaluates strategic initiatives on a continuous basis throughout the year. The ESG Leadership team is comprised of: Scott Mather, Managing Director and CIO U.S. Core Strategies and Sustainable Investments; Ryan Korinke, Managing Director; Tina Adatia, Executive Vice President; Kwame Anochie, Executive Vice President; Grover Burthey, Executive Vice President; Gavin Power, Executive Vice President; Lupin Rahman, Executive Vice President, and Del Anderson, Senior Vice President. Scott Mather is the sponsoring CIO for the firm’s ESG Platform with direct responsibility for these efforts. The team meets bi-weekly with presentations and regular updates among the team leaders. In addition, the group regularly invites external speakers to present their expertise in this field.

Please see below for PIMCO’s ESG team as of 31 March 2022:

ESG team


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.

In determining the efficacy of an issuer’s ESG practices, PIMCO will use its own proprietary assessments of material ESG issues. To facilitate the systematic integration of ESG risk factors in our analysis and help to monitor ESG related risks, we are continually enhancing our proprietary credit research software with specific ESG related attributes. In addition, we have hosted training sessions for our credit analysts on available ESG data and tools. 

From a security selection perspective, the firm’s global research aims to evaluate ESG-related issues across all of the issuers that we cover as part of their credit analysis.

To help with this evaluation, we have enhanced the ESG-focused section of our credit research templates to more effectively capture relative performance across companies. Our credit research templates include fields to capture the PIMCO View and Recent Trends across each of the three E, S and G categories as well as a field to flag ‘Significant ESG Concerns’ that Portfolio Managers should be aware of when they invest in the issuer. 

To illustrate our approach, please refer below for a general example of how ESG criteria are incorporated into our credit assessment:

Credit Research ESG summary table

PIMCO’s team of credit research analysts generally assess the ESG profile of the issuers that they cover relative to peers with a goal of separating leading issuers from issuers who are not as advanced on their sustainability journey. Using industry-specific frameworks, analysts review their companies’ ESG performance based on information available in public filings, recent news and controversies, as well as through regular engagement with company management teams to assign separate scores for “E”, “S”, and “G.” In determining the efficacy of an issuer’s ESG practices, PIMCO will use its own proprietary assessments of material ESG issues. In the end, PIMCO’s resulting assessments are proprietary and distinct from those provided by ESG rating providers. To facilitate the integration of ESG risk factors in our analysis and help to monitor ESG related risks, we are continually enhancing our proprietary research with specific  ESG related attributes and dedicated scoring. In addition, we have hosted training sessions for our analysts on available scoring methodologies, ESG systems, data and tools.

As illustrated below, scores seek to distinguish between “Leading Practice” issuers and those that raise “Significant Concerns.” They also include a forward-looking assessment of the “ESG Trend,” which recognizes companies whose ESG performance is significantly improving or deteriorating.

These factors are combined to create a proprietary score in which the relative weighting of the E, S, and G pillars, and the trend assessment, are based on the company’s business profile and differences in industry dynamics. For example, the environmental pillar has the highest weight for issuers in extractive industries (oil, gas and mining), the social pillar has the highest weight for pharmaceutical issuers, and the governance pillar has the highest weight for financial issuers.

PIMCO’s ESG Scores complement the traditional ratings assigned to companies by credit analysts. We currently have proprietary ESG scoring in place for corporate issuers, sovereigns, securitized issuers and municipal issuers, in addition to a unique ESG labeled bond scoring framework to evaluate the attributes of each green, social and sustainability bond issuance. We use MSCI and other data providers for reference but make our own assessment based on our own, independent analysis of the industry and relevant ESG factors. Since 2016, PIMCO credit analysts have scored over 3,500 parent issuers on ESG performance. ESG issues are highlighted in their credit research notes, alongside PIMCO’s internal credit ratings and recommendations for portfolio managers to consider when they are evaluating investments for all PIMCO portfolios, including accounts that do not have ESG objectives or investment guidelines and restrictions related to ESG. ESG scores are updated regularly whenever relevant new information becomes available.

Sources of ESG Research

At PIMCO we regularly evaluate ESG data providers which may add additional input into our in-house analysis conducted by our credit, sovereign and mortgage analyst teams. The firm relies primarily on internal research for decision-making; however, PIMCO also screens substantial amounts of external data sets. PIMCO currently utilizes MSCI as the primary external data provider but we also use Reprisk, TruCost, Bloomberg, CDP, SBTi, TPI, risQ, Maplecroft, Haver, and Freedom House, among other sources. All of the ESG data flows directly into our proprietary IT systems, enabling credit analysts to use this information efficiently.

5. What channels do you use to communicate ESG-related information to clients and/or the public? Do you produce thought leadership (written reports and publications)? If so, is the information available to the public? Please provide links, if applicable.

Firm Level ESG Reporting

As a UNPRI signatory, we participate in the annual UNPRI questionnaire on the implementation of the six principles. PIMCO’s answers to this questionnaire are  publicly available.

PIMCO publishes an annual ESG Investing Report to address the integration of ESG factors into our investment process and engagement work on behalf of clients, among other ESG topics. Please refer to the attached Exhibit 1, PIMCO ESG Investing Report, for an example of PIMCO’s extensive reporting abilities.

In addition, PIMCO also actively publishes research reports, videos and publications about ESG and sustainable investment. PIMCO professionals have written thought pieces regarding ESG topics and these can also be found on our ESG dedicated website. For more details, please refer to or

As the firm’s ESG efforts continue to grow, PIMCO will continue to invest in the firm’s infrastructure, reporting and monitoring in order to provide ever-greater value-add to our clients.

Portfolio ESG Reporting

Reporting for PIMCO Funds and Separate Accounts that do not include Sustainability Objectives PIMCO typically does not provide ESG focused reporting for PIMCO portfolios that do not target specific sustainability objectives. However, upon request we can provide a multitude of sustainability metrics and factors regarding the portfolios, including ESG labeled bond allocations, carbon metrics and portfolio aggregate ESG scores, although it should be noted that the portfolios do not seek to optimize these types of sustainability metrics and factors in portfolio construction.

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?

PIMCO’s ESG Policy is reviewed at least annually by the ESG Leadership team who provides feedback on PIMCO’s 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.

PIMCO continues to expand our intensive ESG engagement initiatives with issuers around the world, spanning corporations, sovereigns, municipalities and others. We believe strongly that an active engagement platform can deliver meaningful change and deliver value for our investors. In 2021, PIMCO’s global team of over 80 credit research analysts engaged with 1,585 corporate bond issuers across industries and regions on ESG-related topics. More than 650 of these issuers were engaged in depth, where PIMCO has regular discussions on a specific topic, provides specific recommendations on ESG, and/or spends more resources on the outreach. The Credit Research Team engages to drive progress on sustainability commitments, ESG-labelled bond issuance, climate risk mitigation and other central ESG topics. Moreover, PIMCO’s credit research analysts engage regularly with the companies that they cover, discussing topics with company management teams related to corporate strategy, leverage, and balance sheet management, as well as ESG-related topics such as climate change targets and environmental plans and board qualifications and composition. In sum, PIMCO continues to build on our engagement efforts, aiming to reach more issuers and have more meaningful engagements using our improved technology and engagement framework.

The PIMCO Canada Canadian CorePLUS Bond Trust does not have an explicit ESG focused investment objective. PIMCO’s portfolios incorporate material ESG factors into the research process, but these factors are not directly used in portfolio construction decisions.


7. Describe how you identify, assess, and manage climate-related risks.

The following response is intended to address Questions 7 – 9.

PIMCO believes that climate-related factors may have material impacts on issuers’ credit quality (now and over the long term), affecting the full range of fixed income and related asset classes e.g. mortgage-backed securities, corporate credit, sovereigns and municipalities. While the PIMCO Canada Canadian CorePLUS Bond Trust is not managed to any particular climate risk targets, climate risk is integrated into the firm’s overall investment process through top down and bottom up research. Specifically, we have developed a number of internal proprietary tools to assess climate change-related risks in our portfolios.

Climate change entails both an array of financial risks and opportunities – opportunities which PIMCO’s investment strategy seeks to manage and harness on behalf of our clients. We view the energy transition and global temperature rise as of utmost importance for fixed income investors, considering the ever-growing evidence of meaningful economic impacts and credit risks. In the last few years alone, markets saw the consequences of climate-related catastrophes including deadly wildfires, hurricanes, typhoons and other anomalies across the globe. Therefore, in order to effectively assess, climate risk is integrated into the firm’s overall investment process and at the portfolio level through our ESG assessments. Furthermore, we support a number of climate-related organizations (e.g. TCFD, IGCC), as well as the Paris Agreement and we have developed a number of internal proprietary tools to assess climate change-related risks in our portfolios.

At the overall firm investment process level, PIMCO has incorporated climate change analysis into the secular forum where we form our five year investment views. As part of the forum process, we invite external speakers that provide their views on a wide range of topics. With respect to ESG, we have invited external analysts and scholars, such as experts focused on long-term climate change or responsible investment trends, to share their expertise on financial and economic issues that are germane to the outlook. For example, PIMCO has had Anne-Marie Slaughter from the New America Foundation, Daniel Yergin from the HIS Markit, former Secretary of Defence and Director of the CIA Leon Panetta, and Dr. Michael Greenstone from the Massachusetts Institute of Technology discuss climate change from a geopolitical and policy perspective in past forums.

At the portfolio level, PIMCO’s climate change framework is integrated into our investment process through PIMCO’s ESG assessments. We use a proprietary methodology and analysis that reflect fixed income’s specific features, and we actively engage with issuers on climate change mitigation and readiness. In PIMCO’s portfolios with ESG objectives, we embed climate change into our three-step approach of exclusion, evaluation, and engagement.

PIMCO’s ESG analyst team works with members of the portfolio management team to develop a harmonized ESG integration and engagement framework for industry segments, which helps ensure that our ESG analysis reflects the sector-specific risks most relevant to each issuer. PIMCO believes that climate-related factors may have material impacts on issuers’ credit quality (now and over the long term), affecting the full range of fixed income and related asset classes e.g. mortgage-backed securities, corporate credit, sovereigns and municipalities.

The investment implications of climate change, in both the short and long term, stem primarily from two main types of risks: transition risks (e.g., business risks prompted by the energy transition, such as tighter regulations on carbon emissions) and physical risks (e.g., how climate change affects natural resources upon which the issuer depends). We endorse the SDGs as the holistic reference framework to assess these wide ranging risks. 

Our transition risk scores are typically favorable for the most carbon-efficient issuers and for those proactively seeking to align with the Paris Agreement, the global accord to limit the global temperature rise by 2100 to 1.5°C – 2°C above preindustrial levels. This includes companies reporting in line with the  recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was created by the Financial Stability Board (FSB) to foster best practices.

Our sector-based and bottom-up analysis involves a focus on issuers’ carbon emissions intensity using production-based metrics, such as emissions per barrel equivalent for oil and gas companies. A lifecycle methodology enables some comparison within the sector and over time, as well as in relation to climate scenarios and our forward-looking view. For instance, PIMCO’s fundamental analysis of credits in the energy sector closely examines companies’ exposure to different types of energy sources, environmental and regulatory risks to their business activities, the relative cost positions of companies and their commitments, and steps taken to diversify into lower-carbon sources of energy. Ultimately, we look to map the extent to which long-term climate risks are reflected in our credit views and bond prices, and, if they are not, what this could mean for issuers’ credit quality considering bond characteristics (e.g., duration) over time. For portfolio construction, we evaluate credits based on attractive valuations and strong climate scores.

Please refer to Exhibit 1, PIMCO ESG Investing Report, and Exhibit 2, PIMCO Viewpoint – Managing Climate Risk, for further detail on PIMCO’s climate change analysis.

8. Describe the climate-related risks and opportunities you have identified over the short, medium, and long term.

Please refer to the response to question 7 above.

9. Describe the resilience of your investment strategy, taking into consideration different climate- related scenarios.

Please refer to the response to question 7 above.

10. Do you track the carbon footprint of portfolio holdings? If yes, please describe the methodology and metrics used, and whether you have a set target for reducing the portfolio's footprint.

We can measure the carbon footprint of corporate and sovereign issuers in most portfolios across the firm. For portfolios that do not currently include sustainability objectives like the PIMCO Canada Canadian CorePLUS Bond Trust, while we can measure the carbon footprint of the portfolio, please note we do not manage the portfolio according to specific climate- and/or carbon-related targets. 

For many client accounts we monitor the carbon footprint and metrics to help ensure a reduction of carbon emissions intensity of portfolios relative to their benchmark. For such portfolios, we complement our sector-based analysis with a portfolio tool that monitors the carbon impact of our corporate holdings and seeks ways to mitigate emissions beyond exclusion screens. PIMCO is able to measure the carbon footprint in corporate credit and sovereign portfolios, including carbon emissions and carbon intensity of the portfolio, which can be used in portfolio construction and client reporting. We have developed high-level portfolio screens based on the weighted average sum of both direct GHG emissions and GHG emissions due to purchases of electricity, heating and cooling (i.e., scope 1 + scope 2 emissions in tonnes of carbon dioxide equivalent, or tCO2e / revenues in USD (weighted based on percentage of market value)).

11. What are your firm's emissions? Please demonstrate how/whether you are taking steps to reduce these emissions.

Yes. PIMCO is in the process of auditing its firmwide carbon footprint, looking at critical areas including energy, electricity, and overall resource management. PIMCO’s Carbon Footprint is offset through the Allianz Group.

Also, we do audit our carbon footprint, internally by Allianz and through an external auditor. Please refer to the attached, Exhibit 3, Allianz Group Sustainability Report.

12. For the mandate you manage for Queen’s, what percentage of equity holdings (if applicable) have credible net zero commitments?

Not applicable.

13. How do you assess the credibility of a company’s 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 company’s emissions reduction target, PIMCO utilizes external data providers such as SBTi, and TPI to determine if an issuer’s carbon emissions reduction target is in alignment with the science-based targets initiative.

14. What forward-looking metrics do you use to assess an investment’s alignment with global temperature goals?

To help analysts evaluate climate risk, PIMCO’s ESG specialists designed seven proprietary tools (see figure below), 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. (The Paris Agreement is the global accord to limit the global temperature rise by year 2100 to 1.5°C – 2°C above preindustrial levels.) These analytical frameworks serve the whole spectrum of PIMCO’s strategies with ESG objectives and broader investment strategies that do not have ESG-related objectives and enable PIMCO’s strategies with ESG objectives to align with the recommendations of the TCFD.

Climate Risk Analysis

#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 (regulations, energy, and technology, for example) likely to create business and investment opportunities. 

Tool #2: Portfolio Climate Risk Heat Map

When evaluating climate-related risks and opportunities of specific sectors and issuers, we begin with two broad categories: 1) transition risks (e.g., tighter regulations on carbon emissions) and 2) physical risks (e.g., how the rising intensity and frequency of extreme weather events affects critical assets and natural resources used by the issuer). The Portfolio Climate Risk Heat Map, gives a high-level overview of exposure to climate risk (both transition and physical) among relevant sectors and assets. Looking across the range of risks in a portfolio helps a portfolio manager assess and fine-tune exposures.

Tool #3: Issuer Climate Risk Score

PIMCO’s Issuer Climate Risk Score assesses climate change risks for a wide range of relevant sectors and issuers. As with the heat map (Tool #2), the climate risk scores are divided into transition risks and physical risks. Our transition risk scores are typically favorable for the most carbon-efficient issuers and for those proactively seeking to align with the Paris Agreement in light of their respective business and geographical contexts. The transition risk score draws on metrics such as the issuer’s current and future carbon emissions using a lifecycle approach and recognized methods such as the science-based target approach, as well as business mix outlook (e.g., revenues, capital expenditures) considering technology pathways enabling issuers to align with the limits on rising temperatures.

Tool #4: Portfolio Energy and Technology Mix Measured Against the Paris Agreement

We complement our sector-based and bottom-up analysis of carbon risks with a portfolio tool that monitors the carbon impact of corporate holdings across a portfolio and seeks ways to mitigate emissions beyond exclusion screens. PIMCO’s Energy and Technology mix compared with the Paris Agreement assesses the average technology and energy mix of a portfolio compared with global energy scenarios modeled by the International Energy Agency, including the potential impact of green bonds, considering their specific environmental features and issuer-level data.

Tool #5: Portfolio Carbon Intensity Analysis

Moreover, as part of PIMCO’s Portfolio Carbon Intensity2 Analysis, we have developed high-level portfolio screens that allow comparison of carbon intensity of different portfolios and benchmarks based on the weighted average sum of both direct greenhouse gas emissions and greenhouse gas emissions due to purchases of electricity, heating, and cooling (i.e., scope 1 + scope 2 emissions in tonnes of carbon dioxide equivalent, or tCO2e / revenues in USD (weighted based on percentage of market value)).

Tool #6: ESG Labeled Bonds Score

Our ESG process integrates analysis of debt instruments geared toward climate solutions via our proprietary ESG labeled bonds score. We assess green, social, and sustainable bond instruments both prior to and after issuance, mapping them across a spectrum based on strategic fit, potential impact, red flags, and reporting, resulting in PIMCO’s impact score for green, social, or SDG bonds. PIMCO’s ESG labeled bond scores aid the investment process and security selection, allowing for stronger differentiation among green, social, and sustainable bond issuers and frameworks.

Tool #7: Engagement with Issuers on Climate Change

We engage with bond issuers both to bolster their Paris Agreement alignment and to help them improve their management of the underlying credit risks, moving from awareness to readiness, and ultimately commitment. PIMCO is part of Climate Action 100+, an investor-led climate engagement coalition that works with selected issuers among the largest carbon emitters in a broad range of sectors. Please refer to page 30 of the Exhibit 1, PIMCO ESG Investing Report, for further detail on PIMCO’s climate
change analysis. 


2 Carbon intensity is intended to reflect how an issuer’s greenhouse gas (GHG) emissions (expressed as tonnes of CO2 equivalent (tCO2e)) compares to its overall revenues. The carbon intensity of the securities portfolio is defined as the weighted average carbon emissions (Scope 1 + Scope 2 emissions (tCO2e))/Revenues in USD of corporate bond holdings only in the portfolio (for issuers with available data). Absolute carbon emission analysis takes the total emission per issuer into consideration. As defined by the U.S. Environmental Protection Agency (EPA), Scope 1 emissions are direct GHG emissions that occur from sources owned or controlled by a company (for example, company vehicles and facilities), and Scope 2 emissions are indirect GHG emissions from the purchase of electricity, steam, heating or cooling. Data used by PIMCO to calculate carbon intensity is (i) sourced from MSCI based on data reported by companies, a company specific model, or an industry specific model (MSCI’s methodology is available here:, or (ii) estimated by PIMCO for “use of proceeds” bonds not covered by MSCI. PIMCO’s estimates generally apply absolute emissions of the issuer’s parent company/companies to its subsidiaries. Green bonds issued by utility companies, however, are generally assumed at 10% of the parent company's CO2e intensity. Green bonds from Paris-aligned utility issuers (i.e., those who have represented that their current and future carbon emissions targets are consistent with the global accord to limit the global temperature rise by year 2100 to 1.5°C – 2°C above pre-industrial levels, notably based on methods validating that such targets are ‘science-based’) are treated as having zero carbon emissions and, therefore, zero carbon intensity. Paris-aligned utility issuers of sustainability bonds with use of proceeds partly (but not exclusively) dedicated to renewable energy receive 50% of the issuer’s carbon metrics (while they receive 60% if issued by a non-Paris aligned utility).


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.

Proxy Voting

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 (“Proxy Policy”) as required by Rule 206(4)-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 fixed
income 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 PIMCO’s Voting Policy; we do, however, take the following factors into account when deciding how to vote proxies: (i) the long-term benefit to shareholders of promoting corporate accountability and responsibility; (ii) management’s responsibility with respect to special interest issues; (iii) any economic costs and restrictions on management; (iv) the responsibility to vote proxies for the greatest long-term shareholder value.

Where PIMCO does engage in proxy voting, our policy seeks to confirm that voting and consent rights are exercised in clients’ best interests and take into consideration potential conflicts of interest that may arise. To the extent PIMCO has authority, each proxy is evaluated, and each consent is evaluated, on a case-by-case basis, taking into account relevant facts and circumstances. For equity securities, PIMCO has retained an Industry Service Provider (“ISP”) to provide recommendations as to how to vote proxies and to cast votes as PIMCO’s agent on behalf of clients in accordance with its recommendations, unless otherwise instructed by PIMCO. With respect to the voting of proxies relating to fixed income securities, PIMCO’s fixed income credit research group is generally responsible for researching and issuing recommendations as to how to vote the proxies.

Portfolio Management and/or Credit Analyst personnel are responsible for monitoring and providing direction on voting and consent events where PIMCO has been granted discretionary authority to vote by Clients. Operations is responsible for providing all necessary documentation to the appropriate investment
professionals responsible for reviewing and determining proxy and consent elections.

In relation to voting for equity securities, relevant ISS guidelines include ESG considerations aligned to an account’s investment objectives and/or selected strategy. The research and voting recommendations that ISS provides to PIMCO are consistent with the applicable guidelines.

PIMCO’s Global Proxy Voting Policy Summary is available by contacting your PIMCO representative.

17. What proportion of all independent ESG shareholder resolutions do you support?

Please refer to our response to question 16

18. What proportion of remuneration packages do you vote in favour of? In your view, is the current level of executive remuneration too high, too low, or about right? How is this view reflected in your voting record on remuneration?

Please refer to our response to question 16

19. Have you ever co-filed an ESG-related shareholder resolution? If so, how many and with what frequency?

Please refer to our response to question 16

20. Have you ever voted against a director for explicitly ESG-related reasons? If so, why? If not, would you consider doing so in the future?

Please refer to our response to question 16


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 (e.g. decreases in emissions or increases in number of women on the board) or means-based (reporting on emissions or number of women on the board)?

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.

That said, at the firm level, on an annual basis, our team of over 80 credit analysts conduct more than 5,000 meetings and calls with company management teams. In addition to discussing financial matters, we also focus on strategic issues that relate to ESG risks and sustainable business management practices. For portfolios that do not have ESG-related objectives, this engagement is focused on material ESG issues that can have significant impacts on the credit profile of the issuer. Moreover, our portfolios that do not have ESG-related objectives might benefit from the engagement work pursued in the portfolios with ESG objectives, given that issuers may be held in both strategies. However, there is no obligation from the portfolio manager to own securities where PIMCO’s ESG analyst team is in the midst of a deep dive engagement as ESG engagement is not an objective of our portfolios that do not have ESG-related objectives.

For some examples of our firm-wide ESG engagement efforts in 2020, please refer to Exhibit 1, PIMCO ESG Investing Report.

22. What is your policy around the escalation of engagement; how and why might this happen and what is the ultimate tool you might use (e.g. voting against board re-election, etc.)?

Please refer to our response to Question 21



The information contained herein is as of March 31, 2022 unless otherwise noted.

No offering is being made by these materials. Interested investors should obtain a copy of the offering memorandum from your PIMCO Representative.

Past performance is not a guarantee or a reliable indicator of future results.

A word about risk: Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage and assetbacked securities may be sensitive to changes in interest rates, subject to early repayment risk, and while generally backed by a government, government-agency or private guarantor there is no assurance that the guarantor will meet its obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Diversification does not ensure against loss. 

Environmental (“E”) factors can include matters such as climate change, pollution, waste, and how an issuer protects and/or conserves natural resources. Social (“S”) factors can include how an issuer manages its relationships with individuals, such as its employees, unitholders, customers and its community. Governance (“G”) factors can include how an issuer operates, such as its leadership, pay and incentive structures, internal controls, and the rights of equity and debt holders.

PIMCO is committed to the integration of Environmental, Social and Governance ("ESG") factors into our broad research process and engaging with issuers on sustainability factors and our climate change investment analysis. At PIMCO, we define ESG integration as the consistent consideration of material ESG factors into our investment research process, which may include, but are not limited to, climate change risks, diversity, inclusion and social equality, regulatory risks, human capital management, and others. Further information is available in PIMCO’s Environmental, Social and Governance (ESG) Investment Policy Statement.

Please note PIMCO Canada Canadian CorePLUS Bond Trust does not pursue a specified ESG-objective however, ESG is integrated across our investment process as detailed herein.

ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor, and the factors utilized by PIMCO may differ from the factors that any particular investor considers relevant in evaluating an issuer’s ESG practices. In evaluating an issuer, PIMCO is dependent upon information and data obtained through voluntary or third-party reporting that may be incomplete, inaccurate or unavailable, or present conflicting information and data with respect to an issuer, which in each case could cause PIMCO to incorrectly assess an issuer’s business practices with respect to its ESG practices. Socially responsible norms differ by region, and an issuer’s ESG practices or PIMCO’s assessment of an issuer’s ESG practices may change over time. There is no standardized industry definition or certification for certain ESG categories, for example “green bonds”; as such, the inclusion of securities in these statistics involves PIMCO’s subjectivity and discretion. There is no assurance that the ESG investing strategy or techniques employed will be successful. Past performance is not a guarantee or reliable indicator of future results.

PIMCO ESG RATING: PIMCO’s credit research analysts assess the Environmental, Social, and Governance (“ESG”) profile of corporate, municipal, and sovereign issuers relative to peer issuers with a goal of separating leaders from laggards. Using industry-specific ESG frameworks, analysts review issuers’ ESG performance based on information available in public filings, recent ESG news and controversies, as well as through engagement with company management teams. Analysts assign three separate numerical scores from 1 to 5 (with 5 being the highest) to their environmental, social and governance-based business practices. The score in each category is related to an issuer’s rank relative to industry peers, and the relative weights of the E, S, and G scores in the composite score vary based on industries, as each industry is assigned a different factor weight. For example, the environmental category has the greatest weight for issuers in extractive industries (e.g., oil, gas, and mining), the social category has the greatest weight for pharmaceutical issuers, and the governance category has the greatest weight for financial issuers. Analysts also include a forward-looking ESG trend assessment, which recognizes companies whose ESG performance is significantly improving or deteriorating. These factors are combined to create a proprietary composite ESG score. We use the MSCI and other third-party ratings for reference but make our own assessment based on our own, independent analysis of the industry and relevant ESG factors. PIMCO’s resulting assessments are proprietary and distinct from those provided by ESG rating providers. Inclusion of a proprietary PIMCO ESG rating creates a conflict of interest because PIMCO and its affiliates benefit when PIMCO assigns a particular security a high score, or assigns a benchmark index or security a low score.

MSCI ESG RATING MODEL: The MSCI ESG Ratings model measures exposure to and management of key ESG risks and opportunities (“Key Issues”). To score well on a Key Issue, management needs to be commensurate with the level of exposure: a company with high exposure must also have very strong management, whereas a company with limited exposure can have a more modest approach. Conversely, a highly exposed company with poor management will score worse than a company with the same management practices but lower exposure to the risk. While Key Issues are identified by looking quantitatively at each industry as a whole, individual companies’ exposure to each issue will vary. MSCI ESG Ratings calculate each company’s exposure to key ESG risks based on a granular breakdown of its business: its core product or business segments, the locations of its operations, and other relevant measures such as outsourced production or reliance on government contracts. Risk exposure is scored on a 0-10 scale, with 0 representing no exposure and 10 representing very high exposure. The Risk Exposure Score and Risk Management Score are combined such that a higher level of exposure requires a higher level of demonstrated management capability in order to achieve the same overall Key Issue Score. Key Issue scores are also on a 0-10 scale, where 0 is very poor and 10 is very good. The ESG Ratings model is industry relative and uses a weighted average approach. Key Issue weights are set at the Global Industry Classification Standard (“GICS”) Sub-Industry level (8-digit) based on each industry’s relative external impact and the time horizon associated with each risk. Key Issues and weights undergo a formal review and feedback process at the end of each calendar year. Corporate Governance is always material and therefore always weighted and analyzed for all companies. Where there are company-specific exceptions, weights depart from the industry standard weights but remain in proportion. For each company a Weighted Average Key Issue Score is calculated based on the underlying Key Issue scores and weights. To arrive at a final letter rating, the Weighted Average Key Issue Score is normalized by industry. The range of scores for each industry is established annually by taking a rolling three-year average of the top and bottom scores among the MSCI ACWI Index constituents; the values are set at the 97.5th and 2.5th percentile. Using these ranges, the Weighted Average Key Issue Score is converted to an Industry Adjusted Score from 0-10, where zero is worst and 10 is best.

This document contains examples of the firm's internal investment research capability. The data contained within the reports may not be related to the product discussed herein, may be stale and should not be relied upon as investment advice or a recommendation of any particular security, strategy or investment product. In selecting case studies, PIMCO considers investment performance in addition to other factors, including, but not limited to, whether the example illustrates the particular investment strategy being featured and processes applied by PIMCO to making investment decisions. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

References to specific securities and their issuers are not intended and should not be interpreted as recommendations to purchase, sell or hold such securities. PIMCO products and strategies may or may not include the securities referenced and, if such securities are included, no representation is being made that such securities will continue to be included.

Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO.

The PIMCO Canada Trusts offered by PIMCO Canada Corp. are only available in provinces or territories of Canada to investors who are accredited investors within the meaning of the relevant provincial or territorial legislation or rules and in certain provinces, only through dealers authorized for that purpose.

PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser. 

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