Placing a heavy bet on its "new normal" concept, which is predicated on the belief that global investment returns will be far lower than seen in the recent past, PIMCO announced Tuesday it had officially opened PIMCO EqS Emerging Markets Fund and PIMCO Emerging Multi-Asset Fund. The new funds are a strategic departure for the Newport Beach, Calif.-based firm, which is one of the world’s largest bond managers.
Both products will be managed by former Goldman Sachs executive Marsha Gordon, hired in 2010, from the firm’s London office.
According to the company, the EqS Emerging Markets Fund combines bottom-up equity selection with top-down macro analysis and risk management. It is designed to capture attractive risk-adjusted returns in emerging markets equities.
The Emerging Multi-Asset Fund combines risk management with the asset allocation across equities, local bonds, dollar-denominated bonds and currencies. The lead manager is Curtis Mewbourne, managing director and head of portfolio management in PIMCO's New York office.