PIMCO Fixing Your Interest

Today’s episode takes you inside bond markets at a moment of heightened geopolitical uncertainty and shifting macro dynamics.

Andrew Balls, CIO of Global Fixed Income, and Christian Stracke, PIMCO President, explore how the current Middle East turbulence is shaping inflation pressures, interest rate expectations and market volatility across developed and emerging economies.

They will unpack what’s been driving the recent moves in rates, how central banks may respond, what this environment means for building portfolios, and where active fixed income investors might find opportunities amid the uncertainty.

1. Geopolitics has driven outsized market moves that don’t align with fundamentals

2. Central banks are likely to remain cautious and avoid knee-jerk reactions.

3. In portfolios, careful liquidity management is key, while being on lookout for selective, high-quality opportunities.

4. Existing credit risks and vulnerabilities may be amplified by the economic fallout from recent events, but opportunities will also appear.

5. It’s important to have an active approach, focusing on quality and diversification across developed and emerging markets.

Discover how PIMCO is navigating the current investment landscape.

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

From gold’s surge to oil’s evolving dynamics, commodities are once again commanding investors’ attention. In this episode of Fixing Your Interest, we break down what’s driving the asset class and where the biggest opportunities and risks now lie.

Greg Sharenow, Head of Commodities at PIMCO sits down with Ryan Blute, head of PIMCO’s global wealth management business in EMEA, to dig into the commodities complex.

• The role commodities can play in a diversified portfolio
• What’s behind the rally in gold - and why silver is a poor substitute
• Key macro drivers shaping commodities over the coming years
• How to think about the fair value of oil
• Why copper may be one of the most compelling multi year opportunities

Discover how PIMCO is navigating the shifting commodities landscape and where the next big moves might emerge.

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

In this episode, two global economic heavyweights unpack Europe’s future amid rising protectionism and shifting power dynamics. The Right Honourable Gordon Brown—Chair of PIMCO’s Global Advisory Board and former UK Prime Minister—joins Andrew Balls, PIMCO’s CIO for Global Fixed Income, to explore:

How politics is reshaping economics

Opportunities for growth through lower rates, fiscal boosts, and trade negotiations

From tariffs and tech to defence and innovation, how Europe is adapting to a more fragmented world.

Tune in for insights on security, innovation, and investing in a changing Europe—straight from leaders shaping global policy and markets.

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

Fixed income is back in focus—and active management has never been more critical. In this episode, Christian Stracke, PIMCO’s President and Rupert Harrison, Senior Advisor to the UK Portfolio Management Team at PIMCO, share insights on:

• Why active management matters in volatile markets

• The resurgence of fixed income and locking in yields

• How public and private credit are converging

• Opportunities and risks in private markets—from asset-based finance to regulation

• Leveraging global scale and AI to stay ahead

Discover how PIMCO positions portfolios for what’s next across the capital spectrum.

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

The UK is at an inflection point. In this episode, Rupert Harrison CBE—Senior Adviser at PIMCO and former Chief Economic Adviser to the UK government—and Dr. Peder Beck-Friis, Economist at PIMCO, unpack:

• How Bank of England policy and inflation trends shape fixed income

• Why gilts remain attractive and where duration matters most

• The impact of fiscal constraints and upcoming budget decisions

• Strategic positioning for UK investors amid volatility and macro shifts

• PIMCO’s perspective on resilience, quality, and risk management

Tune in for actionable insights on navigating the UK’s evolving investment landscape.

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