If you think alternative mutual funds are just a fad, then maybe you haven’t seen the latest offering from PIMCO. The bond behemoth is not only taking another leap into alternative investing, it is doing it via the PIMCO EqS Long/Short Fund (PMHIX), an actively managed equity strategy.

The fund is managed by Geoffrey Johnson, an executive vice president and equity portfolio manager based in the firm's Newport Beach office. It charges a management fee of 159 basis points.

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