PIMCO has added two more bond funds, the PIMCO California Municipal Bond Fund and the PIMCO National Intermediate Municipal Bond Fund, to its portfolio. Both funds will be managed by Joe Deane, head of PIMCO's municipal bond portfolio management, based in the firm's New York office.
The PIMCO California Municipal Bond Fund and the PIMCO National Intermediate Municipal Bond Fund charge manage fees of 54 basis points and 55 bps, respectively, for A shares.
"The municipal bond market has changed substantially since the financial crisis of 2008 and is now a credit-by-credit market," stated Deane. "More than ever before there's a premium on credit research to properly evaluate bond valuations, the financial strength of municipalities and therefore the likely capital preservation of an investors' principal."