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PIMCO Global
Advantage™ Bond Index (GLADI™) |
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Index Attributes
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The index methodology produces an index that is broadly diversified across instruments, regions, currencies and maturities. Key attributes of the GLADI overall index and sub-indices are presented in the accompanying figures. Figures 6 through 11 show index data as of December 31, 2008.
Figure 6: PIMCO Global Advantage Bond Index and Sub-Index Statistics
Figure 7:
PIMCO GLADI Sector Exposure* (%)
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Figure 8:
PIMCO GLADI Credit Quality Exposure* (%)
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Figure 9:
PIMCO GLADI Maturity Exposure* (%)
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Figure 10:
PIMCO GLADI Currency Exposure* (%)
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*Source: Markit. Data values as of 12/31/2008, prior to official launch of GLADI.
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Reweighting & Rebalancing
Regional weights for GLADI will be revised in an annual review, with the new weights becoming effective on October 31 of each year.
Under most circumstances, year-to-year changes in the sub-index target weights will come only from changes in the regional weights, which will shift as relative shares of global GDP shift. On occasion, the instrument category weights may also be changed at the annual review to reflect the development of new instrument categories and other innovations in global capital markets.
The actual weights of the GLADI sub-indices on a daily basis will deviate from their target weights, reflecting changes in the prices of the underlying instruments in the index. On a quarterly basis (October 31, January 31, April 30, July 31), the GLADI will be rebalanced to restore the actual sub-index weights to their targeted levels.
On a monthly basis, securities within each sub-index will be added and removed at month-end according to the eligibility criteria and market profile process described above.
Figure 11: PIMCO GLADI Rebalancing Schedule
Index Administration
GLADI will be administered and calculated independently from PIMCO by Markit, an unaffiliated leading global index provider. Markit will be responsible for the ongoing application of the index methodology, identification of index constituents and all other technical matters connected to the calculation and provision of index data.
Index Data & Bloomberg Ticker
Additional information and access to data can be found at: www.pimcoindex.com
and www.indexco.com/link/pimco. GLADI data is available on Bloomberg by typing PGLA
Index <GO> for the PIMCO Global Advantage Bond Index Overall:
Additional Information
Daily performance and index data is calculated by Markit at
www.indexco.com.
For additional information, please visit
www.indexco.com.
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* PIMCO may establish links between www.pimcoindex.com and one or more websites operated by third parties. PIMCO has no control over any such other websites, the contents therein or the products/services offered. The existence of any such links shall not constitute an endorsement of, or representation or warranty by PIMCO regarding such websites, the contents of the websites, the products or services of the websites or the operators of the websites. Your access to and use of such linked websites is governed by the terms of use and privacy policies of those sites, and shall be at your own risk. PIMCO disclaims responsibility for the privacy policies and customer information practices of third-party internet websites hyperlinked from www.pimcoindex.com.
Past performance is not a guarantee or a reliable indicator of future results. Back-testing and other statistical analysis material that is provided in connection with the explanation of the mechanics and/or potential yield of GLADI or a GLADI sub-index use simulated analysis and hypothetical circumstances to estimate how the index or sub-index may have performed prior to its actual existence for the period shown. No representation is being made that any investment will achieve results similar to those shown. The information provided is not intended for trading purposes, and should not be considered investment advice. Yield and other information are derived from data provided by Markit LLC. While PIMCO believes the data to be accurate, no warranty is given regarding the accuracy of the data. The performance shown does not include transaction costs, fees of any kind, or any other costs which could have materially reduced the performance shown. GLADI IS AN INDEX AND YOU CANNOT INVEST DIRECTLY IN GLADI OR ANY SUB-INDEX.
The Use of Third Party Information: GLADI relies on information from an unaffiliated third party provider, Markit LLC. PIMCO does not make any warranty or representation as to the accuracy and/or completeness of that information and takes no responsibility for the impact of any inaccuracy of such data.
This material contains the current opinions of PIMCO 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. There is no guarantee that this investment methodology will work under all market conditions. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. ©2009, PIMCO.
Certain features of the PIMCO Global Advantage Bond Index (GLADI) are patent pending. GLOBAL ADVANTAGE and GLADI are trademarks of Pacific Investment Management Company LLC.
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