Viewpoints

Keys to Unlocking Private Market Opportunities

Our Head of Corporate Special Situations, Jamie Weinstein, dives into opportunities in the credit market today, and looks at how we believe PIMCO's breadth and depth of resources give us a competitive edge in managing alternatives.

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Jamie Weinstein, Portfolio Manager, Head of Corporate Special Situations: It's certainly not an easy market right now across the credit spectrum. But that being said, there are some pockets of opportunity in the market today.

I'm Jamie Weinstein. And I am responsible for corporate opportunistic and special situations investing.

You've seen high quality credit tighten relative to where it started, 2019 in particular. And we've seen some of the lower quality stuff trade off.

And so there's been a bigger gap in spreads and yields between the two. And that movement has created some opportunities in some of those lower rated securities.

Shots of PIMCO employees working

We are very focused right now on some of the cracks that have emerged in the corporate credit market in particular.

As a firm overall, we've been relatively cautious in corporate credit positioning across the entire platform and different types of portfolios that we run. And we're gearing up for what we think could be a much more interesting market over the next 12 to 24 months.

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PIMCO has been investing in alternatives for over a decade.

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We have developed pretty exceptional risk management techniques and tools and systems, whereby we can apply the knowledge that we built over a number of years to all different kinds of portfolios.

And I think this is a differentiated capability for PIMCO particularly relative to the alternative universe in the less liquid part of the market.

Shots of PIMCO employees working.

And we're actively investing in companies across the entire spectrum of fixed income. So we see a lot, we're involved in a lot, and we can leverage the intellectual capital to create what we think are differentiated views on companies that we can express in differentiated types of investments.

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Every investor at PIMCO, every portfolio manager is well aware of the firm's overall macro framework, and how it can be applied in different portfolio contexts.

And we can apply that knowledge and leverage it in terms of how we express themes, and how we diligence specific securities.

Shots of Jamie Weinstein walking through office and employee working

One of the important things that I think is a differentiator for PIMCO in the alternative credit space and the alternative asset space, is the ability to generate scale in the investments that we make, and leverage the scale of the firm broadly to create differentiated solutions for companies or borrowers who need capital in certain forms.

Whether it's a public security that needs to get created in order to solve a problem for a borrower, or it's a more private solution in a highly customized firm, PIMCO's breadth and depth of resources both intellectual and financial, I think is relatively unique in the market that we're in.

We think we are extremely well positioned to take advantage of the capabilities of the firm, built over a long history of investing in fixed income and credit,

Shot of Jamie Weinstein working

and leverage that into greater opportunities for our clients over time. And I'm excited to be a part of it.

For more insights and information visit pimco.com

Disclosure


All investments contain risk and may lose value. Alternative investments involve a high degree of risk and can be illiquid due to restrictions on transfer and lack of a secondary trading market. They can be highly leveraged, speculative and volatile, and an investor could lose all or a substantial amount of an investment. Alternative investments may lack transparency as to share price, valuation and portfolio holdings. Complex tax structures often result in delayed tax reporting. Compared to mutual funds, private funds are subject to less regulation and often charge higher fees. Alternative investment managers typically exercise broad investment discretion and may apply similar strategies across multiple investment vehicles, resulting in less diversification. Trading may occur outside the United States which may pose greater risks than trading on U.S. exchanges and in U.S. markets.

Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. Management risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results, and that certain policies or developments may affect the investment techniques available to PIMCO in connection with managing a strategy.

Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

This material contains the opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. | Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660 is regulated by the United States Securities and Exchange Commission. | PIMCO Europe Ltd (Company No. 2604517) and PIMCO Europe Ltd - Italy (Company No. 07533910969) are authorised and regulated by the Financial Conduct Authority (12 Endeavour Square, London E20 1JN) in the UK. The Italy branch is additionally regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB) in accordance with Article 27 of the Italian Consolidated Financial Act. PIMCO Europe Ltd services are available only to professional clients as defined in the Financial Conduct Authority’s Handbook and are not available to individual investors, who should not rely on this communication. | PIMCO Deutschland GmbH (Company No. 192083, Seidlstr. 24-24a, 80335 Munich, Germany), PIMCO Deutschland GmbH Italian Branch (Company No. 10005170963) and PIMCO Deutschland GmbH Spanish Branch (N.I.F. W2765338E) are authorised and regulated by the German Federal Financial Supervisory Authority (BaFin) (Marie- Curie-Str. 24-28, 60439 Frankfurt am Main) in Germany in accordance with Section 32 of the German Banking Act (KWG). The Italian Branch and Spanish Branch are additionally supervised by the Commissione Nazionale per le Società e la Borsa (CONSOB) in accordance with Article 27 of the Italian Consolidated Financial Act and the Comisión Nacional del Mercado de Valores (CNMV) in accordance with obligations stipulated in articles 168 and  203  to 224, as well as obligations contained in Tile V, Section I of the Law on the Securities Market (LSM) and in articles 111, 114 and 117 of Royal Decree 217/2008, respectively. The services provided by PIMCO Deutschland GmbH are available only to professional clients as defined in Section 67 para. 2 German Securities Trading Act (WpHG). They are not available to individual investors, who should not rely on this communication. | PIMCO (Schweiz) GmbH (registered in Switzerland, Company No. CH-020.4.038.582-2), Brandschenkestrasse 41, 8002 Zurich, Switzerland, Tel: + 41 44 512 49 10. The services provided by PIMCO (Schweiz) GmbH are not available to individual investors, who should not rely on this communication but contact their financial adviser. | PIMCO Asia Pte Ltd (Registration No. 199804652K) is regulated by the Monetary Authority of Singapore as a holder of a capital markets services licence and an exempt financial adviser. The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Asia Limited is licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance. The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246862 (PIMCO Australia). This publication has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, investors should obtain professional advice and consider whether the information contained herein is appropriate having regard to their objectives, financial situation and needs. | PIMCO Japan Ltd, Financial Instruments Business Registration Number is Director of Kanto Local Finance Bureau (Financial Instruments Firm) No. 382. PIMCO Japan Ltd is a member of Japan Investment Advisers Association and The Investment Trusts Association, Japan. All investments contain risk. There is no guarantee that the principal amount of the investment will be preserved, or that a certain return will be realized; the investment could suffer a loss. All profits and losses incur to the investor. 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CMR2020-0113-433481

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