closer:

Does the story say how the fund will invest the other 35%?

No.  I was wondering the same thing. 

http://www.allianzinvestors.com/commentary/frm_PIMCO_sec05132008.jsp

2008 PIMCO Secular Forum Review

05/13/2008
Mohamed A. El-Erian, Co-CEO and Co-CIO

"So, what am I to do as I contemplate how to carry out the heavy responsibility of summarizing a vigorous and stimulating discussion informed by the insights of our outside speakers (see box), as well as the ideas of our new MBA class? And don’t underestimate the seriousness of the task. During my two years back east, I met hundreds of investment managers pitching their services to Harvard. The process confirmed to me that very few firms have made the effort to hardwire a disciplined secular process that identifies new opportunities and reduces the risk of being sucked into crowded trades at the wrong time."

...

"Some of PIMCO’s Secular Themes

• Continued robust global growth that, in composition, is less G-3 centric and driven to a greater extent by emerging markets that are in the midst of a development breakout phase
• An upward trend in global inflationary pressures reflecting the spillover of global demand into commodities, gradually rising wage rates in emerging economies, industrial/developing policy responses that place greater emphasis on employment and social spending, and a U.S. monetary policy that may be domestically appropriate but internationally inflationary
• A reversal in the secular bullish run for corporate profits in industrial countries, overall and relative to labor
• Institutional re-alignments in the global financial sector: In industrial countries, this will be driven by regulatory changes and post-crisis balance sheet management; and in emerging economies, it will be driven by the further maturation of capital markets and the evolution of sovereign wealth funds"

It would appear that this fund can short any of its fixed income asset and/or currency classes... certainly one to learn more about; one would think if there was a manager who could work with these tools effectively it would be El-Erian

Ajw

No this appears to be strictly a fixed income fund as opposed to the Leuthold which will be a balanced fund which will likely be mostly stocks and cash if recent allocations in the Core Investment and Asset Allocation funds are any indication... Pimco is rumored to be testing a completely unrestrained fund for either El-Erian or another of their star managers which could be closer to the Leuthold Global mandate

Ajw

El-Erian is also slated to run the new Pimco Global Multi Asset fund coming out soon.  It will have using a 60/40 world index/bond index as a benchmark.  Details are in the 6-19-08 Fund Guide.  ( punch "fund" tab and then in left column find "fund times")

Dan. 

Doublecheck BigTom's link to the SEC's edgar for Pimco Global Advantage, guys...
(about the 3rd post in this conversation)

Notice something rotten? The red herring data only mentions the "P" share class. Well, I don't know about you, but I don't have $5 million to invest. That's too bad, cuz I was really interested in this one.

Ever since this conversation opened up, I've been watching for new information on Global Advantage... somewhere, anywhere. Even now in July, I have found no data and no mention of it at either the Pimco or the Allianz websites. Maybe they don't plan to? Or maybe it only shows on the institutional investor site for Pimco/Allianz? (Too bad I never noticed the "P" share class designation before today. What a waste of time!)

While I was toodling around looking for information on Global Advantage, I did spot a few fairly new funds that y'all might find of interest --both focused on global bond strategies:

PUBDX Pimco Unconstrained Fund
http://www.allianzinvestors.com/mutualFunds/profile/PUBF/about_D.jsp

PONDX Pimco Income Fund
http://www.allianzinvestors.com/mutualFunds/profile/PMIF/about_D.jsp

I also thought about this idea... is PALAX Allianz Global Multi Asset the "poor" man's version of Global Advantage? If so, they forgot the "D" share class.

Regards,
Susan

This is a great example of why I am not crazy about Pimco's smorgasbord of funds... what is theoretically different about the new "unconstrained bond fund" that can invest in fixed income securities from any part of the world and the new global advantage fund???  Similar mandate; different manager?

Ajw