We are delighted to award a AA rating to the PIMCO Mortgage Opportunities fund. We believe PIMCO has one of the strongest franchises in the industry to manage securitised assets, with an experienced and well-resourced team that includes over 60 securitised analysts in the US, Europe and Asia. We like the managers' mixed investment approach where they combine government guaranteed, agency, bonds with more traditional credit market instruments, aiming to produce returns above cash in any market environment.
The fund's global reach, with a focus on the US mortgage market, should offer an additional source of diversification to investors' portfolios. We also think the fund's limited correlation to equity and credit markets should prove attractive to investors.
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