Beyond Borders: Empowering Clients by Uncovering Opportunities
Text on screen: PIMCO
Text on screen: Beyond Borders: Empowering clients by Uncovering Opportunities
Images on screen: New York City skyline, Pramol on a call in his kitchen
Text on screen: Day Starts, 5:30 AM, New York
(Ambient audio) Hey, how’s everything going in Turkey this morning?
Emerging markets is a 24 hour news cycle.
We try to live the news flow versus being reactive to the news flow.
(Ambient audio) The only other thing that we probably want to think about just on that is the correlation with the duration.
Text on screen: Pramol Dhawan, Portfolio Manager
I'm Pramol Dhawan. I'm the head of emerging markets here at PIMCO.
Images on screen: Pramol starting the day at his house, leaving his house, and riding a bike through Central Park, arriving at the PIMCO office in New York with the New York skyline and New York office trade floor in the background. It also shows other investment professionals at PIMCO offices across the globe, including Newport Beach, California, Hong Kong, Latin America, South Africa, Europe, and the United Kingdom.
Typically my day starts by looking at my phone, checking emails, getting updates from what's happened overnight in Asia, in Europe, so that we can catch up with the news flow in the New York time zone.
Text on screen: Daily Calls, 7:30 AM, New York, 12:30 PM, London, 8:30 PM Hong Kong
Once we're up to speed, then we have daily calls which help us to harmonize that news flow and distill it into actionable ideas for our portfolios.
Emerging markets overtook the US as the largest pool of credit in the world.
Text on screen: Over 80 countries
Images on screen: Streets of Mumbai, India, Rio de Janeiro, Brazil skyline, Cape Town, South Africa skyline
20 years ago there were very few countries. And now there's over 80 countries.
Images on screen: New York office trade floor
We philosophically believe that this is an asset class that necessitates being well resourced.
Text on screen: London
Images on screen: London office trade floor
We do that by having a large geographically dispersed team. There's almost a hundred people covering emerging markets.
Scale is important to everything we do at PIMCO.
Images on screen: New York office trade floor
Our scale is our single biggest advantage in this asset class.
Text on screen: Newport Beach
Images on screen: Newport Beach office trade floor
And it's not just the scale in terms of resources that we have, it's a scale in terms of the investments that we put to work in these countries.
PIMCO's really been at the forefront of this asset class for over 25 years. That means that policy makers, whether it's central bankers or governments, they know us as a long-term investor, a really reliable long-term partner within their countries.
Images on screen: New York office trade floor, Pramol in his office, Newport Beach and London office trade floors, New York office conference room
PIMCO's reputation, size and history within these countries allows us access that we can have very candid conversations.
The ability for us to be geographically present on the ground in many of these countries, has allowed us to create and cultivate very strong relationships. That not only gives us great access to deal flow, but good access to information.
Images on screen: London skyline, stock market ticker, New York office trade floor and conference room
Our investment approach is slightly different than most others on the street.
Text on screen: Top-down process, Bottom-up process, Security Selection, Optimizing Beta
Most others will be more top down focused. We really harmonize that with a bottom up approach.
That really focuses on security selection. It focuses on optimizing the beta of the asset class, which is a very difficult beta to be able to replicate.
So we have systematic tools, algorithms which run on our portfolios, which help us to deliver that beta in just a much more efficient way for our clients.
Images on screen: New York skyline, stock market ticker, New York office trade floor and conference room
Text on screen: Emerging Markets Portfolio Committee, 9 a.m., Newport Beach, 12 p.m., New York, 5 p.m., London
Images on screen: New York, London and Newport Beach office conference rooms
The Emerging Markets Portfolio Committee is effectively the uploader of the emerging market view to the firm, but the downloader of the investment committee risk factor views and macroeconomic data.
That's really what we're trying to gain from our firm's investment committee, to help us to understand what's in market pricing, what the trajectory of monetary policy may be in the US, and really looking to that as a playbook to help guide our emerging market investments.
For us to have that symbiotic view with the firm's investment committee is essential. It's an essential part of our investment process.
Images on screen: New York office trade floor
I love helping our clients and really being a trusted partner to help them navigate the volatility within this asset class.
Text on screen: PIMCO
Disclosure
This material contains the 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.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. | Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660 is regulated by the United States Securities and Exchange Commission. | PIMCO Europe Ltd (Company No. 2604517, 11 Baker Street, London W1U 3AH, United Kingdom) is authorised and regulated by the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN) in the UK. The services provided by PIMCO Europe Ltd are not available to retail investors, who should not rely on this communication but contact their financial adviser. | PIMCO Europe GmbH (Company No. 192083, Seidlstr. 24-24a, 80335 Munich, Germany), PIMCO Europe GmbH Italian Branch (Company No. 10005170963, via Turati nn. 25/27 (angolo via Cavalieri n. 4), 20121 Milano, Italy), PIMCO Europe GmbH Irish Branch (Company No. 909462, 57B Harcourt Street Dublin D02 F721, Ireland), PIMCO Europe GmbH UK Branch (Company No. FC037712, 11 Baker Street, London W1U 3AH, UK), PIMCO Europe GmbH Spanish Branch (N.I.F. W2765338E, Paseo de la Castellana 43, Oficina 05-111, 28046 Madrid, Spain) and PIMCO Europe GmbH French Branch (Company No. 918745621 R.C.S. Paris, 50–52 Boulevard Haussmann, 75009 Paris, France) are authorised and regulated by the German Federal Financial Supervisory Authority (BaFin) (Marie- Curie-Str. 24-28, 60439 Frankfurt am Main) in Germany in accordance with Section 15 of the German Securities Institutions Act (WpIG). The Italian Branch, Irish Branch, UK Branch, Spanish Branch and French Branch are additionally supervised by: (1) Italian Branch: the Commissione Nazionale per le Società e la Borsa (CONSOB) (Giovanni Battista Martini, 3 - 00198 Rome) in accordance with Article 27 of the Italian Consolidated Financial Act; (2) Irish Branch: the Central Bank of Ireland (New Wapping Street, North Wall Quay, Dublin 1 D01 F7X3) in accordance with Regulation 43 of the European Union (Markets in Financial Instruments) Regulations 2017, as amended; (3) UK Branch: the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN); (4) Spanish Branch: the Comisión Nacional del Mercado de Valores (CNMV) (Edison, 4, 28006 Madrid) in accordance with obligations stipulated in articles 168 and 203 to 224, as well as obligations contained in Tile V, Section I of the Law on the Securities Market (LSM) and in articles 111, 114 and 117 of Royal Decree 217/2008, respectively and (5) French Branch: ACPR/Banque de France (4 Place de Budapest, CS 92459, 75436 Paris Cedex 09) in accordance with Art. 35 of Directive 2014/65/EU on markets in financial instruments and under the surveillance of ACPR and AMF. The services provided by PIMCO Europe GmbH are available only to professional clients as defined in Section 67 para. 2 German Securities Trading Act (WpHG). They are not available to individual investors, who should not rely on this communication. | PIMCO (Schweiz) GmbH (registered in Switzerland, Company No. CH-020.4.038.582-2, Brandschenkestrasse 41 Zurich 8002, Switzerland). The services provided by PIMCO (Schweiz) GmbH are not available to retail investors, who should not rely on this communication but contact their financial adviser. | PIMCO Asia Pte Ltd (8 Marina View, #30-01, Asia Square Tower 1, Singapore 018960, Registration No. 199804652K) is regulated by the Monetary Authority of Singapore as a holder of a capital markets services licence and an exempt financial adviser. The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Asia Limited (Suite 2201, 22nd Floor, Two International Finance Centre, No. 8 Finance Street, Central, Hong Kong) is licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance. PIMCO Asia Limited is registered as a cross-border discretionary investment manager with the Financial Supervisory Commission of Korea (Registration No. 08-02-307). The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Investment Management (Shanghai) Limited. Office address: Suite 7204, Shanghai Tower, 479 Lujiazui Ring Road, Pudong, Shanghai 200120, China (Unified social credit code: 91310115MA1K41MU72) is registered with Asset Management Association of China as Private Fund Manager (Registration No. P1071502, Type: Other). | PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246862. This publication has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, investors should obtain professional advice and consider whether the information contained herein is appropriate having regard to their objectives, financial situation and needs. To the extent it involves Pacific Investment Management Co LLC (PIMCO LLC) providing financial services to wholesale clients, PIMCO LLC is exempt from the requirement to hold an Australian financial services licence in respect of financial services provided to wholesale clients in Australia. PIMCO LLC is regulated by the Securities and Exchange Commission under US laws, which differ from Australian laws. | PIMCO Japan Ltd, Financial Instruments Business Registration Number is Director of Kanto Local Finance Bureau (Financial Instruments Firm) No. 382. PIMCO Japan Ltd is a member of Japan Investment Advisers Association, The Investment Trusts Association, Japan and Type II Financial Instruments Firms Association. All investments contain risk. There is no guarantee that the principal amount of the investment will be preserved, or that a certain return will be realized; the investment could suffer a loss. All profits and losses incur to the investor. The amounts, maximum amounts and calculation methodologies of each type of fee and expense and their total amounts will vary depending on the investment strategy, the status of investment performance, period of management and outstanding balance of assets and thus such fees and expenses cannot be set forth herein. | PIMCO Taiwan Limited is an independently operated and managed company. The reference number of business license of the company approved by the competent authority is (112) Jin Guan Tou Gu Xin Zi No. 015 . The registered address of the company is 40F., No.68, Sec. 5, Zhongxiao East Rd., Xinyi District, Taipei City 110, Taiwan (R.O.C.), and the telephone number is +886 2 8729-5500. | PIMCO Canada Corp. (199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2) services and products may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose. | Note to Readers in Colombia: This document is provided through the representative office of Pacific Investment Management Company LLC located at Carrera 7 No. 71-52 TB Piso 9, Bogota D.C. (Promoción y oferta de los negocios y servicios del mercado de valores por parte de Pacific Investment Management Company LLC, representada en Colombia.). Note to Readers in Brazil: PIMCO Latin America Administradora de Carteiras Ltda.Av. Brg. Faria Lima, 3477 Itaim Bibi, São Paulo - SP 04538-132 Brazil. Note to Readers in Argentina: This document may be provided through the representative office of PIMCO Global Advisors LLC AVENIDA CORRIENTES, 299, Buenos Aires, Argentina. | No part of this publication 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 LLC in the United States and throughout the world. ©2024, PIMCO.
CMR2024-0130-3004052