US-based asset manager PIMCO has launched a Credit Absolute Return Fund aimed at investors seeking more globally diverse strategies unimpeded by a benchmark.  

The purpose of the fund is to establish long-term strategic investments, as well as short-term tactical opportunities to generate returns in a range of market environments. It will also allow investors to diversify their fixed income allocation, in turn eliminating risk associated with benchmarks, the firm said.

Mark Kiesel, managing director and global head of corporate bond portfolio management, will oversee the fund.

“This strategy can pivot in order to help achieve the absolute return objective. For example, the strategy can take on greater exposure to credit when spreads are attractive and, conversely, reduce overall exposure when necessary and instead focus on relative value between credit sectors,” said Kiesel.

The fund has been added to PIMCO’s UCITS-compliant Global Investor Series fund range. This Dublin-registered range consists of 44 sub-funds with £53 billion ($82 billion) under management, as of 30 September.

The funds are accessible in a variety of share classes in different currencies, depending on client requirements.

In June, the firm launched a Global Credit Markets fund to assist investors in concerns about rising interest rates. It was also added to PIMCO’s UCITS-compliant GIS fund range, which is registered in Dublin.

In related news, PIMCO launched its Emerging Markets Advantage Local Bond Index Source ETF in September.