Newport Beach, CA-based PIMCO has filed paperwork with the Securities and Exchange Commission to launch a new fund, dubbed the Short Asset Investment Fund, to bet on investment grade bonds.

According to the filing, the fund will bet on a diversified portfolio of “fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.” It charges a management fee of 44 basis points.

The fund's portfolio is managed by Jerome Schneider, who joined PIMCO in 2008 from Bear Stearns where he served as a senior managing director, specializing in credit and mortgage-related funding transactions.

PIMCO had approximately $1.77 trillion in assets under management as of March 31.

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