TAILIEUCHUNG - PIMCO Total Return Fund

Zimbabwe continues to be among the least competitive economies in the World. According to the World Bank 2011―Doing Business Survey‖ Zimbabwe ranked 157 out of 183 countries in the world, a move up of two positions compared with the 2009 report. Its ranking however is still well below those of neighboring countries such as South Africa (34), Namibia (69), and Botswana (52) (Figure 2). The regulatory environment for infrastructure services in particular is deficient, with the institutional and legal framework for public enterprises imposing constraints on their effectiveness, autonomy, and accountability. The major concerns for the investment climate relate to. | Quarterly Investment Report December 31 2012 PIMCO Total Return Fund A company of Allianz ffi Fund Manager of the Decade Fixed-Income PIMCO 840 Newport Center Drive Newport Beach California 92660 888 87-PIMCO investments Total Return Fund PIMCO Total Return Fund Market Commentary Fourth Quarter 2012 Market Outlook Uncertainty and pessimism surrounding the fiscal cliff negotiations dominated headlines during the fourth quarter The Federal Reserve enacted further monetary easing by committing to purchase 45 billion in Treasuries per month and by explicitly tying the federal funds rate to unemployment and inflation targets Most fixed income sectors outperformed T reasuries during the quarter and 2012 as central bank policies helped push investors toward higher yielding assets Portfolio Recap The Fund outperformed its index for the quarter and the year Most sectors that trade at a spread to . Treasuries outperformed as global central banks extended their commitment to monetary easing The following strategies were positive for the quarter An underweight to . duration as yields rose across most of the curve An allocation to non-Agency mortgages which were supported by positive supply technicals A focus on financials which outperformed the broader corporate market amid accommodative monetary policy and improving housing data Holdings of Build America Bonds BABs which outperformed like-duration Treasuries and long investment grade corporates during the quarter Exposure to emerging market local rates especially in Brazil as the Monetary Policy Committee cut the policy rate The following strategies were negative or neutral for returns An overweight to Agency mortgage-backed securities MBS which underperformed like-duration Treasuries. This was partially offset given the focus on lower coupon mortgages which outperformed on a relative basis PIMCO expects the global economy to grow at a modest to percent over the year ahead . policymakers passed

• Quỹ đầu tư
• Organic Discourse
• Farmers’ Attitudes
• Towards Organic
• Organic and Conventional
• Behavioural Perspective
• Practice Theory