PIMCO Intermediate Municipal
ALTAR
Score™
1.9% info Median Credit
S&P/Moody's
AA/Aa3
 
Yield to
Maturity
2.3% Current
Yield
3.8%
Macaulay
Duration
7.4 yrs Modified
Duration
7.3%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
Pimco Intermediate Municipal Bond Exchange-Traded Fund is an actively managed exchange-traded fund incorporated in the USA. The Fund seeks tax-exempt income consistent with a preservation of capital. The Fund invests at least 80% of its assets in a diversified portfolio of municipal bonds with an average duration of 3-8 years.

FUND BASICS
Category Municipals
Fund Sponsor Pacific Investment Management
Website www.pimcoetfs.com
Inception date Dec 02, 2009
Assets (mns) $261
Currency USD
Expense ratio 35 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian State Street Bank & Trust Co
Weighting Proprietary
Index replication Not Applicable

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 161
No of distinct issuers 135
Inflation protected 0%
Variable/Fixed coupon 21% /79%
Non-standard maturity (callable, etc.) 63%

TOP TEN HOLDINGS
TOBACCO SETTLEMENT FI 5.0% 6/01/35 3.0 %
CHICAGO IL MIDWAY ARP 5.0% 1/01/35 2.7 %
NEW YORK N Y CITY TRA 5.0% 8/01/31 2.2 %
PENNSYLVANIA ST TPK C 0.9% 12/01/20 1.7 %
HARRIS CNTY TX CULTUR 0.0% 12/01/42 1.7 %
CHICAGO ILL 5.3% 1/01/27 1.5 %
ILLINOIS ST FOR ISSUE 4.0% 1/01/24 1.5 %
DENVER COLO CITY & CN 5.0% 12/01/28 1.4 %
NORTH TEX TWY AUTH RE 5.0% 1/01/28 1.3 %
OHIO STATE 5.0% 8/01/22 1.3 %
   
TOTAL 18.4 %

TOP ISSUERS
PENNSYLVANIA ST HIGHER EDL FACS AU...3.3%
TOBACCO SETTLEMENT FING CORP RHODE...3.0%
CHICAGO ILL2.7%
TENNESSEE ENERGY ACQUISITION CORP ...2.4%
NEW YORK N Y CITY TRANSITIONAL FIN...2.2%

TOP COUNTRY EXPOSURE
UNITED STATES 98.3 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
3.2% 0.9% 2.1% -- 3.3%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 0.82 64%
S&P500 -0.06 4%
MSCI EAFE 0.00 0%
MSCI Emg. Mkts. 0.03 2%

Technical Indicators
Recent close $53.70
Tracking Error 0.00
Avg. Premium/Discount 0.00%
Annualized volatility n/a %
Relative strength (RSI) 66
Liquidity measures
Avg. volume (thou.) 14
Avg. daily value traded (mns) $1
Turnover 0.3%
Bid/Ask (% of price) 0.23

Distributions


Yield Comparison

*Fund Category: MUNICIPALS

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
MUNI 7.4 yrs Category
Avg.*
8.0 yrs
 

Modified Duration info
 
MUNI 7.3% Category
Avg.*
7.8%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 5.30% -14.0% $46.20
+200 bp 4.30% -11.1% $47.74
+150 bp 3.80% -9.0% $48.87
+100 bp 3.30% -6.4% $50.24
+75 bp 3.05% -5.0% $51.02
+50 bp 2.80% -3.4% $51.85
+25 bp 2.55% -1.8% $52.75
0 bp 2.30% 0% $53.70
-25 bp 2.05% 1.9% $54.71
-50 bp 1.80% 3.9% $55.79
-75 bp 1.55% 6.0% $56.92
-100 bp 1.30% 8.2% $58.12
-150 bp 0.80% 13.0% $60.69
-200 bp 0.30% 18.2% $63.49
-300 bp -0.70% 30.0% $69.83

*Fund Category: MUNICIPALS

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 230 bp
Less: Annual "default factor" info 7 bp
Less: Expense ratio 35 bp
Equals: ALTAR Score 1.88 %
 

Average ALTAR Score™ by Category
Aggregate 1.5%
Corporate 1.8%
Emerging Market 3.8%
Government 1.4%
Inflation Protected 1.6%
Mortgage 2.7%
Municipals 2.5%
 
*Note: The PIMCO Intermediate Municipal is classified as a Municipals fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.