PIMCO Accrued Interest

In our last episode of 2025, here are 5 big themes we think will be critical to investment decisions in 2026.  Join Greg Hall and Marc Seidner for a discussion about stocks, credit, commodities, and munis, and of course it wouldn’t be Accrued Interest without a fair bit of fixed income!  Ugly Christmas sweaters optional… SHOW NOTES (2:56) With valuations stretched, what’s attractive in equities for 2026? (13:43) Is it time to replace cash with bonds? (23:41) What’s next for Bitcoin, Gold, and other commodities? (30:24) Risks, realities, and opportunities in credit markets (49:08) Why munis continue to offer value If you enjoyed the episode, check out our previous conversations: Cameron Dawson on Macro, Markets, and Musical Metaphors – Apple, Spotify Jason Duko on Risks and Realities in Today’s Credit Markets – Apple, Spotify And read our 2026 Investment Outlook: Charting the Year Ahead: Investment Ideas for 2026 The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. 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. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Credit markets are making headlines, but what’s really driving the story? Host Greg Hall welcomes Portfolio Manager Jason Duko to break down the latest developments across the continuum of public credit, private credit, and everything in between.  Have a listen, and take away a framework for evaluating today’s key questions: what is the value of liquidity in a portfolio, can private markets keep up with a changing environment, and do historical rules of thumb still apply? SHOW NOTES: (1:57) The everything rally of 2025 – but dispersion beneath the surface. (6:11) Recent controversies in the credit markets. (17:36) A Glossary of Terms: Amendments, Paid-in-Kind, and plain old Defaults. (23:14) When marking at NAV, what are you marking? (28:33) The increasing prevalence of the wealth market. (36:29) PIMCO’s heritage in Asset-Based Finance. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. 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. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Cameron Dawson, Chief Investment Officer of NewEdge Wealth, brings a wealth of knowledge as a market strategist. She explores the complexities of today’s investment landscape, likening it to 'math rock' due to its analytical nature. Key topics include the decline of reliable data for policy-making, the non-linear nature of unemployment, and the risks tied to interconnected markets. Dawson also shares insights on portfolio structuring, emphasizing diversification and caution in a climate driven by liquidity and AI investments.

Gold continues to command investor attention. PIMCO’s Head of Commodities and Real Assets, Greg Sharenow, and Account Manager Brady Morrison join host Greg Hall to break down the rally, explore shifting dynamics in the broader commodities market, and examine how AI is reshaping energy demand. Tune in for expert insights and timely portfolio perspectives. Show notes: Commodity Markets’ Evolution: Efficiency is Table Stakes Why Gold is a Rocket Ship Recently Debasement Trade or Diversifying Asset? Making Sense of Investor Sentiment with Gold. Protecting Spending Power with Commodities AI is Booming. Will Energy Markets Keep Up with Growing Demand? Benefits of Active Management in Commodities Investing Check out Charting Commodity Markets Follow Greg Sharenow on LinkedIn, for PIMCO’s latest views on commodities and real assets The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. 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. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Tiffany Wilding, a macro economist at PIMCO known for her Cyclical Outlook, joins fellow team member Brandon Kunz to delve into the rising influence of tariffs, technology, and economic transitions. They dissect the implications of escalating tariffs on GDP and employment, while also exploring the booming tech landscape and its potential to reshape job markets through AI. The duo emphasizes the advantage of high-quality bonds in today's market, marking a tipping point for advisors as they evaluate portfolio strategies amidst these evolving dynamics.

Host Greg Hall sits down with former Federal Reserve Vice Chairman and PIMCO Global Economic Advisor Dr. Richard Clarida to discuss the events leading to the Fed’s much-anticipated decision.  In this episode we take you behind this week’s 25 bps cut, sharing an insider’s perspective on how the Fed parsed rapidly-evolving economic signals in trade, labor markets, and inflation – and where the data may point us next. Show notes: The Fed’s decision-making process Reading signals: Thoughts on shifting patterns around trade, labor markets, inflation and more. Fed independence: Thoughts on Cook, Bessent, Miran, and others. What is it like being in the room? Read our FOMC Insights Article: Fed Delivers Dovish Shift, Restarts Rate-Cutting Cycle. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. 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. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to ⁠www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures⁠

ETFs are no longer an “if” but a “yes, how?” for many advisors – and as the ETF market continues to grow in size and sophistication, active bond ETFs have emerged as a compelling tool for advisors. Join host Greg Hall as he sits down with Head of ETF Sales, U.S. Global Wealth Management Adam Browne and Account Manager Todd Mangis to chart the growth of active bond ETFs in the US markets, the efficiencies they unlock for advisors, and how they are changing the fundamental dynamic of fixed income. Show Notes: Introduction The Rise of ETFs - How Did We Get Here? From Chords to Solos: Why Active Bond ETFs? ETFs are Changing the Dynamic in Fixed Income Attractive Opportunities in Active Bond ETFs PIMCO and ETF Product Development What's Around the Corner for Advisors? 4 Themes Defining Bond ETF Investing Today The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. 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. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Marc Seidner, CIO of Nontraditional Strategies at PIMCO, and Pramol Dhawan, head of the emerging market investment business at PIMCO, delve into the current market dynamics shaped by tariffs and a weakening dollar. They discuss the importance of global diversification and the challenges posed by evolving U.S. macro trends. Insightful strategies for asset allocation are shared, addressing whether a classic 60/40 approach still holds. Advisors will find valuable tips to help navigate market complexities and enhance portfolio resilience as we approach the end of 2025.

Join PIMCO's Russ Gannaway, Seray Incoglu and Gino Gabbianelli, alongside host Greg Hall, as they walk through the recent evolution of commercial real estate and where they see opportunity today. From sector selection to the balance of public and private strategies, they explore how advisors can help clients access durable income and long-term value amid ongoing economic uncertainty. Part 1 – IntroductionsPart 2 – The Story of CRE, Post-GFC to Mid-2010sPart 3 – The Story of CRE, Mid-2010s through COVIDPart 4 – The Story of CRE TodayPart 5 – Is it a Good Time to Lend?Part 6 – Assessing CRE Sectors Part 7 – The Evolution of CRE Products Offered to Advisors Check out PIMCO's Real Estate Outlook The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. 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. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to ⁠www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Dan Ivascyn, Group CIO at PIMCO, dives into the evolving landscape of investment strategies amidst recent market upheavals. He discusses the implications of the "Fragmentation Era" on global markets and emphasizes the importance of recognizing cognitive biases in decision-making. Ivascyn highlights the U.S. fiscal sustainability, shared insights on bond market volatility, and the value of liquidity in investment strategies. With a focus on diversification and innovation, he provides a roadmap for navigating today’s complex financial terrain.