At PIMCO we are selling peace of mind, which comes from a consistent performance record. Our investment philosophy aims to achieve consistency through multiple trading strategies and cutting edge analysis.

The achievement of our consistent performance record can be attributed to several factors, including:

• A conservative investment philosophy with a longer-term orientation
• A history of innovation
• An organisational structure that remains focused and flat
• A staff with depth and continuity

Our investment philosophy embodies three key principles:

• We make major shifts in portfolio strategy based on long-term or secular trends, as opposed to short-term aberrations in interest rates
• We achieve consistent investment performance by avoiding extreme swings in either maturity or duration
• Our emphasis is placed on adding value through multiple, diversified strategies combined with volatility analytics, and adjustments to traditional variables such as sector, coupon and quality

PIMCO's focus for adding value emphasizes moderate risk-taking across multiple portfolio dimensions. We strive to exploit value from all techniques and sectors available, while taking moderate risk in each. Therefore, our sources of added value are well-diversified, leading to greater consistency of performance.