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Trending ETFs

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.57

$209 M

5.82%

$0.61

0.87%

Vitals

YTD Return

1.9%

1 yr return

7.0%

3 Yr Avg Return

-1.6%

5 Yr Avg Return

0.8%

Net Assets

$209 M

Holdings in Top 10

12.4%

52 WEEK LOW AND HIGH

$10.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.87%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 416.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

$10,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.57

$209 M

5.82%

$0.61

0.87%

PCIFX - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return -1.6%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.20%
DIVIDENDS
  • Dividend Yield 5.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PACE Intermediate Fixed Income Investments
  • Fund Family Name
    UBSASSETMT
  • Inception Date
    Aug 24, 1995
  • Shares Outstanding
    N/A
  • Share Class
    P
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mabel Lung

Fund Description

Principal investments

Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities, which may be represented by derivatives or investments in securities of other investment companies that invest primarily in fixed income securities. Such investments may include US government and foreign government bonds (including bonds issued by supranational and quasi-governmental entities and mortgage-backed securities), municipal fixed income investments (including tax-exempt municipal securities), corporate bonds (including mortgage- and asset-backed securities of private issuers, Eurodollar certificates of deposit, Eurodollar bonds and Yankee bonds) and bank loans. There are different types of US government securities, including those issued or guaranteed by the US government, its agencies and its instrumentalities, and they have different types of government support. Some are supported by the full faith and credit of the US, while others are supported by (1) the ability of the issuer to borrow from the US Treasury; (2) the credit of the issuing agency, instrumentality or government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the US government in some other way.

The fund may invest in bonds that are investment grade at the time of purchase. The fund may also invest, in the aggregate, up to 20% of its total assets (measured at the time of purchase) in (1) bonds that are below investment grade at the time of purchase (or unrated bonds of equivalent quality) (commonly known as "junk bonds"), (2) non-US dollar denominated securities, and (3) fixed income securities of issuers located in emerging markets. The fund may also invest in equity securities, such as preferred shares and securities convertible into stocks.

The fund invests in bonds of varying maturities. It normally limits its overall portfolio duration to within +/- 50% of the duration of the Bloomberg US Aggregate Bond Index, which as of July 31, 2023 was approximately 6.27 years and may change over time. Duration is a measure of the fund's exposure to interest rate risk—a longer duration means that changes in market interest rates are likely to have a larger effect on the value of the fund's portfolio.

The fund may invest in "to be announced" or "TBA" securities, which are mortgage-backed securities that usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date, issued or guaranteed by US government agencies and instrumentalities. The fund also may engage in TBA and Treasury "roll" transactions. A TBA roll transaction is a strategy whereby the fund decides to sell one TBA security and buy another TBA security due at a later

date (Treasury roll transactions differ in that the underlying securities are US Treasury securities).

The fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or to attempt to increase total returns. The derivatives in which the fund invests include swap agreements (specifically, interest rate swaps) and currency forward agreements. These derivatives may be used for risk management purposes, such as managing the risk profile of the fund. In addition, the derivative instruments listed above may be used to enhance returns or in place of direct investments. Futures, swaps and swaptions also may be used to adjust the fund's portfolio duration.

The fund engages in frequent trading from time to time and consequently, the fund's investment strategies can result in high portfolio turnover.

Management process

The fund employs a "manager of managers" structure. UBS AM, the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among the fund's subadvisor(s). The relative value of each subadvisor's share of the fund's assets may change over time.

UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources. The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes analyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select the most attractive candidate(s) for the fund, subject to the board's approval.

In managing the fund and overseeing the fund's subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon. In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in

combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly, quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund.

The subadvisor utilizes a strategy that seeks to invest in a diversified portfolio of fixed income instruments that are performing, durable, and available at an attractive valuation, including floating or variable rate debt instruments.

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PCIFX - Performance

Return Ranking - Trailing

Period PCIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -3.9% 5.1% 5.03%
1 Yr 7.0% -7.4% 12.5% 2.72%
3 Yr -1.6%* -10.7% 26.7% 9.33%
5 Yr 0.8%* -7.1% 191.4% 24.80%
10 Yr 1.5%* -2.5% 73.7% 43.12%

* Annualized

Return Ranking - Calendar

Period PCIFX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -16.2% 8.1% 59.80%
2022 -15.7% -34.7% 131.9% 41.12%
2021 -4.6% -11.6% 4.4% 89.64%
2020 3.3% -10.1% 946.1% 63.21%
2019 5.8% -1.7% 16.9% 42.74%

Total Return Ranking - Trailing

Period PCIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -3.9% 5.1% 5.03%
1 Yr 7.0% -7.4% 12.5% 2.72%
3 Yr -1.6%* -10.7% 26.7% 9.33%
5 Yr 0.8%* -7.1% 191.4% 24.80%
10 Yr 1.5%* -2.5% 73.7% 43.12%

* Annualized

Total Return Ranking - Calendar

Period PCIFX Return Category Return Low Category Return High Rank in Category (%)
2023 7.8% -11.3% 11.0% 6.06%
2022 -13.5% -32.2% 131.9% 45.97%
2021 -1.8% -9.4% 9.2% 81.23%
2020 8.0% -1.9% 1009.0% 55.63%
2019 8.7% 1.1% 21668.0% 55.05%

NAV & Total Return History


PCIFX - Holdings

Concentration Analysis

PCIFX Category Low Category High PCIFX % Rank
Net Assets 209 M 2.9 M 314 B 79.40%
Number of Holdings 255 1 17816 81.57%
Net Assets in Top 10 26.1 M 1.57 M 34.8 B 89.33%
Weighting of Top 10 12.45% 4.4% 132.5% 87.46%

Top 10 Holdings

  1. State Street Navigator Securities Lending Government Money Market Portfolio 1.89%
  2. State Street Institutional US Government Money Market Fund 1.42%
  3. Swiss Re Finance Luxembourg SA 1.19%
  4. U.S. Treasury Bonds 1.17%
  5. Regional Management Issuance Trust 1.16%
  6. Credit Acceptance Auto Loan Trust 1.14%
  7. Energy Transfer LP 1.13%
  8. SBA Tower Trust 1.12%
  9. WMRK Commercial Mortgage Trust 1.12%
  10. Blackstone Mortgage Trust, Inc. 1.11%

Asset Allocation

Weighting Return Low Return High PCIFX % Rank
Bonds
73.82% 0.00% 211.59% 93.67%
Other
23.10% -16.94% 53.20% 5.84%
Cash
4.48% -54.51% 87.74% 33.33%
Preferred Stocks
1.08% 0.00% 74.98% 4.43%
Convertible Bonds
0.67% 0.00% 7.93% 75.46%
Stocks
0.00% 0.00% 99.99% 78.19%

Bond Sector Breakdown

Weighting Return Low Return High PCIFX % Rank
Government
54.48% 0.00% 86.23% 2.54%
Securitized
19.41% 0.00% 98.40% 82.35%
Corporate
17.11% 0.00% 100.00% 87.63%
Cash & Equivalents
4.48% 0.00% 83.04% 32.73%
Derivative
1.26% -9.72% 50.66% 6.14%
Municipal
0.04% 0.00% 100.00% 69.07%

Bond Geographic Breakdown

Weighting Return Low Return High PCIFX % Rank
US
73.82% 0.00% 211.59% 92.85%
Non US
0.00% 0.00% 33.48% 80.06%

PCIFX - Expenses

Operational Fees

PCIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.87% 0.01% 39.10% 35.22%
Management Fee 0.45% 0.00% 1.76% 81.69%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% 61.20%

Sales Fees

PCIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PCIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 66.42%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PCIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 416.00% 2.00% 493.39% 90.86%

PCIFX - Distributions

Dividend Yield Analysis

PCIFX Category Low Category High PCIFX % Rank
Dividend Yield 5.82% 0.00% 10.11% 2.41%

Dividend Distribution Analysis

PCIFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

PCIFX Category Low Category High PCIFX % Rank
Net Income Ratio 1.20% -1.28% 4.79% 80.91%

Capital Gain Distribution Analysis

PCIFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PCIFX - Fund Manager Analysis

Managers

Mabel Lung


Start Date

Tenure

Tenure Rank

Dec 31, 1995

26.43

26.4%

• Mabel has been an integral member in portfolio management of Multi-Asset and Multi-Component Portfolios since 2000 when UBS Asset Management launched the UBS Multi-Asset Managed Accounts Program. • Recognizing the importance of after-tax investment results to US private clients, Mabel led her team to launch Personalized Tax Management in 2011 as a tax overlay investment service to multi-asset portfolios. • Mabel has significant experience in manager selection, overseeing $30 billion of assets for institutional and private clients globally through open architecture of best-in-class managers in liquid strategies, combined with a keen focus on risk-aware and holistic portfolio construction. • Mabel joined the firm in 1984, after her graduate study in business administration and has held various positions in finance, treasury, strategic and business planning, prior to joining the asset management division of the firm in 1995. • Prior to business school, she was a corporate finance analyst at an investment banking firm.

Fred Lee


Start Date

Tenure

Tenure Rank

Dec 31, 2009

12.42

12.4%

Fred Lee, CFA, as the Head of Portfolio Construction & Quantitative Research within the MMS team since January 2009, oversees the portfolio construction process in determining the specific allocations to individual managers. He also leads the team responsible for the quantitative assessment of managers. Mr. Lee is located in the London office of UBS AM, which he joined in 2006 as a Risk Analyst where he provided risk assessment and monitoring for all client portfolios and enhanced proprietary risk models. Prior to joining UBS AM, Mr. Lee worked as a consultant for MSCI Barra providing advice to large investment managers across Europe on the interpretation and use of risk models and analytics.

Gina Toth


Start Date

Tenure

Tenure Rank

Mar 31, 2013

9.17

9.2%

Gina Toth, CFA, is a Portfolio Manager within the MMS team at UBS AM, focusing on fixed income and multi-asset investment strategies, including liquid alternatives. She is part of the team responsible for manager due diligence and selection, portfolio construction, risk management, investment oversight, and performance of multi-asset strategies. Ms. Toth joined the firm in March 2013. Previously, she worked at AllianceBernstein as a Senior Portfolio Manager in New York and Sydney, specializing in multi-asset portfolios, asset allocation and custom solutions for the institutional, high-net worth and retail channels, encompassing both traditional and non-traditional asset classes. She also spent 14 years in New York and London as a fixed income portfolio manager for US and global portfolios.

Akiva Dickstein


Start Date

Tenure

Tenure Rank

Mar 31, 2014

8.17

8.2%

Akiva Dickstein, Managing Director, is Head of Customized Core Portfolios within BlackRock's Americas Fixed Income Alpha Strategies and a member of the Americas Fixed Income Executive Team. Mr. Dickstein has been the lead portfolio manager on BlackRock's mortgage portfolios since joining BlackRock in 2009. Prior to that, Mr. Dickstein spent eight years at Merrill Lynch, where he served as Managing Director and head of the U.S. Rates & Structured Credit Research Group. He was responsible for the team that produced MBS, ABS, CMBS, Treasuries, swaps, and interest rate derivatives research. Mr. Dickstein's publications on MBS strategy included the weekly Mortgage Investor as well as numerous lengthier articles on topics such as optimal loan modifications, the valuation of credit-sensitive MBS and ABS, and the pricing of mortgage derivatives, options, and pass-throughs. In addition, he developed Merrill's prepayment models for fixed rate and hybrid MBS. From 1993 to 2001, Mr. Dickstein was with Lehman Brothers, most recently as a Senior Vice President in Mortgage Derivatives Trading. In this role, he traded mortgage derivatives and developed Lehman's credit default model. He joined Lehman as a mortgage and asset-backed securities analyst and was named to Institutional Investor's All American Fixed Income Research Team in pass-throughs, non-agency mortgages, and asset-backed securities. Mr. Dickstein earned a BA degree in economics, summa cum laude, from Yale University in 1990, and an MA degree in physics from Princeton University in 1993.

Harrison Segall


Start Date

Tenure

Tenure Rank

Jun 30, 2016

5.92

5.9%

Harrison Segall, Director, is a portfolio manager on the Core Portfolio Management team within BlackRock's Global Fixed Income group. He is responsible for alpha strategies, portfolio construction, and asset allocation for customized core and global inflation linked portfolios. Prior to joining the Portfolio Management Group in 2011, Mr. Segall was a member of BlackRock Solution's Portfolio Analytics Group, where he began his career as an analyst in 2008.

Chris Andersen


Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

Christopher is Head of Portfolio Management, Americas House View Portfolios for UBS Asset Management. In his role, Christopher is responsible for leading the portfolio management activities of portfolios offered to UBS Wealth Management clients that are aligned with UBS Wealth Management House Views. In that capacity, he leads a team of portfolio managers responsible for the House View Portfolios, which implement the House View’s strategic and tactical asset allocations, with passive and active pooled vehicles and individual securities. Christopher is deputy-chair and a voting member of the Managed Account Solutions Investment Committee. The Investment Committee reviews and approves investment strategies, prior to implementation, in the House View portfolios. Prior to moving to UBS Asset Management in November 2020, Christopher was promoted to Head of Portfolio Construction Americas for UBS Global Wealth Management in 2018. Christopher led the portfolio management activities of the team of portfolio managers responsible for the UBS Managed Portfolios (renamed as House View Portfolios). Christopher chaired the Investment Management Investment Committee (IMIC) and was a member of the Investment Management Research Committee (IMRC). Prior to joining UBS in 2012, Christopher spent 15 years with New York Life Investment Management (NYLIM) overseeing the company’s Investment Consulting Group. In this role, he was responsible for the independent oversight of investment activities of the Mainstay Funds, as well as manager selection across asset allocation strategies, sub-advisory mandates and NYLIM's mutual fund M&A activities. Christopher received a B.A. in economics and German from Binghamton University.  Christopher holds the Chartered Financial Analyst® (CFA) designation and is a member of the CFA Society New York. He is FINRA Series 7, 24 and 63 licensed.

David Kelly


Start Date

Tenure

Tenure Rank

May 31, 2021

1.0

1.0%

David Kelly is a portfolio manager for Americas House View Portfolios for UBS AM. Mr. Kelly is responsible for managing portfolios offered to UBS Financial Services clients that are aligned with UBS Financial Services House Views. He is a voting member of the Managed Account Solutions Investment Committee. Prior to joining UBS AM in May 2021, Mr. Kelly was a portfolio manager in the Investment Management group of UBS Financial Services, where he was responsible for strategy selection, portfolio construction and management of the multi-managed strategies. Mr. Kelly was a voting member of the Investment Management Investment Committee and was a member of the Investment Management Research Committee. Prior to joining UBS in 2004, Mr. Kelly worked at Merrill Lynch for 15 years where he served in a variety of municipal and taxable fixed income capacities, including private client sales, municipal new issue marketing and fixed income portfolio construction.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.78 1.16