PIMCO to launch first LIC
PIMCO has been seeking to raise $500 million for its first listed investment trust for Australian investors, the PIMCO Global Income Opportunities trust (PMX).
The closed-ended vehicle aimed to deliver regular income and risk-adjusted returns by generating ideas across fixed income. It targeted a distribution of 4.75%-5.75% per annum to be paid monthly.
PIMCO was aiming to raise $500 million when it opened on 29 March, 2022 and it sought to list on the Australian Securities Exchange (ASX) on 21 April, 2022.
It would be managed by a team including managing director and group chief investment officer, Dan Ivascyn, head of Australia and co-head of Asia Pacific portfolio management Rob Mead and portfolio manager, mortgage credit Alfred Murata.
Ivascyn said: “PIMCO has a long and successful history of managing listed trusts around the world. The flexibility of the listed structure provides us with greater opportunities to pursue high conviction positions to generate attractive income. We will continue to employ our long-standing ‘bend but don’t break’ approach, rigorously analysing and stress-testing potential opportunities that we believe can offer a resilient return profile under a broad range of economic scenarios.”
Mead added: “We are very pleased to be launching this unique offering to Australian investors at a time when the need for income is strong. PMX will represent PIMCO’s best income-generating investment ideas, taking advantage of our dedicated investment specialists from around the world, and our depth and reach across global fixed income markets”.
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Laura Dew
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