PIMCO Fixing Your Interest

Who owns the aircraft you fly on?

Most passengers never think about it. Yet more than half of the world's commercial aircraft are leased rather than owned by the airlines that operate them, making aviation finance an increasingly important part of the asset-based finance universe.

In this episode of Fixing Your Interest, PIMCO's Kris Kraus is joined by Greg Conlon, CEO of High Ridge Aviation, to explore how aviation finance works, what's driving the opportunity today, and why investors are paying growing attention to the sector. Together, they discuss the rise of aircraft leasing, the forces reshaping airline financing, and the role aviation can play within broader private credit allocations.

From This Episode

Kris and Greg explain how airlines access the aircraft they need to grow, why leasing has become a dominant source of financing, and what makes aviation a distinctive segment of private markets. They discuss how aviation finance combines contractual cash flows with hard-asset backing, the supply and demand dynamics shaping the market today, and why investors are paying closer attention to asset-based finance as they seek diversification beyond traditional corporate lending.

The conversation also covers the long-term growth in global air travel, aircraft supply constraints, the importance of specialist underwriting, and how investors evaluate both the opportunities and risks associated with aviation finance.

Key topics include:

How aviation finance works and why aircraft leasing has grown over the past two decades

Why more than half of the world's commercial aircraft are now leased

The role of aviation finance within the broader asset-based finance universe

How contractual lease payments can generate income backed by tangible assets

Why airlines increasingly rely on leasing to fund fleet growth

The supply and demand dynamics shaping the aviation market today

How aircraft differ from traditional corporate credit exposures

The diversification benefits aviation finance may offer within investor portfolios

Why specialist asset management and underwriting expertise are critical in aviation investing

How investors assess opportunities and risks in one of private markets' most global asset classes

This conversation offers a practical introduction to aviation finance and the growing role asset-based finance plays in supporting the real economy.

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 a world of constant headlines, how can investors separate signal from noise?

In this episode of Fixing Your Interest, Marc Seidner, PIMCO's CIO of Non-Traditional Strategies, joins Tina Adatia to discuss the forces shaping markets today, from geopolitical uncertainty and changing central bank dynamics to the outlook for growth and inflation. Together, they explore how investors can focus on the signals that matter and identify opportunities amid market volatility.

From This Episode

Marc Seidner shares how PIMCO approaches investing when markets are being driven by a relentless stream of economic data, policy developments and geopolitical headlines. He explains why volatility can create opportunity for active investors and outlines the framework he uses to distinguish durable trends from short-term market narratives.

The conversation also covers the outlook for duration, the role of bonds as portfolio diversifiers, opportunities in emerging markets, and why Marc believes investors may need to look beyond traditional credit markets in search of value.

Key topics include:

· How investors can separate signal from noise in today's markets

· The outlook for growth, inflation and global fixed income

· What geopolitical developments mean for investors

· How changing Fed communication may create opportunities for active investors

· Why market volatility can create attractive investment opportunities

· The case for duration and the potential role of bonds as portfolio diversifiers

· Why emerging markets are becoming an increasingly attractive source of real yield

· Where Marc Seidner sees value across government bonds, securitised assets and other areas of fixed income

· Why investors may need to look beyond traditional credit markets for opportunities

· How active management can help investors navigate a wider range of potential market outcomes

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, Grover Burthey, Portfolio Manager and Vicki Gedge, Credit Research Analyst, discuss how sustainable investing has evolved and what that means for fixed income investors today.
From This Episode:
The conversation explores the shift from broad ESG frameworks and ratings towards a more pragmatic focus on business resilience, risk management and long-term value creation. Together, they discuss why active research and issuer engagement remain critical tools for investors, how bondholders approach sustainability differently from equity investors, and why understanding where a company is headed may be just as important as assessing where it stands today.
They also examine the role of governance, emerging risks and opportunities, and key themes including AI, that are likely to shape the next phase of sustainable investing.
Key Topics
• The evolution of sustainable investing and the shift towards a more pragmatic approach
• Why ESG scores and ratings are only one input into the investment process
• The role of forward-looking research, fundamental analysis and issuer engagement in identifying investment opportunities
• Why governance and management quality remain critical considerations for credit investors
• How bondholders assess sustainability through the lens of risk, resilience and long-term value creation
• The themes shaping the next phase of sustainable investing, including physical climate risk and AI.
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

Bond markets have been transformed by a generational reset in yields, creating a very different backdrop for investors than just a few years ago.

In this episode of Fixing Your Interest, Mohit Mittal, CIO of Core Strategies at PIMCO, joins economist Peder Beck-Friis to discuss why the opportunity set in fixed income has expanded and what that means for portfolios today.

They explore the outlook for inflation, central bank policy and duration, as well as the forces reshaping markets, including geopolitics, AI investment and rising government debt. They also discuss where they see the most compelling opportunities across global fixed income and why diversification and active management may matter more than ever.

From This Episode: In this episode, PIMCO economist Peder Beck-Friis is joined by Mohit Mittal, PIMCO’s CIO of Core Strategies.

Together, they examine how higher starting yields have changed the investment landscape and why fixed income looks more attractive today than it has in many years. The discussion explores whether inflation is likely to remain above central bank targets, how investors should think about duration and central bank expectations, and the impact of structural trends such as AI, deglobalisation and fiscal policy.

The conversation also looks at portfolio construction in an environment characterised by greater uncertainty and dispersion, highlighting opportunities across global bond markets, inflation-linked securities, currencies and other areas of fixed income.

Key topics include:

Why higher starting yields have reset the opportunity set for fixed income investors

How investors should think about duration in today's environment

Whether inflation is likely to remain above central bank targets

The potential impact of AI investment, energy demand and productivity gains on inflation

Why geopolitics and fiscal policy are becoming increasingly important market drivers

How central banks may respond to evolving growth and inflation dynamics

The case for diversification across global bond markets, sectors and currencies

Where Mohit Mittal sees the most compelling opportunities in fixed income today

Why active management may be increasingly valuable in a more fragmented world

How investors can seek attractive risk-adjusted returns amid a wider range of possible market outcomes

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

Active ETFs are gaining traction, but many misconceptions remain, especially in fixed income.
In this episode of Fixing Your Interest, we explore how the ETF market is evolving and delve into active versus passive approaches to the bond market.
We look at how ETFs work in practice, what’s driving their wider adoption, and why investors are increasingly looking beyond passive strategies.
We also discuss what today’s market backdrop means for fixed income, and how investors can navigate complexity, fragmentation and shifting liquidity dynamics.
From This Episode: In this episode, Tina Adatia, Head of Public Strategies EMEA at PIMCO, is joined by Martin Svorc, Portfolio Manager, and Jean Baptiste Faure, ETF Capital Markets Specialist.
Together, they unpack how ETFs have evolved from predominantly passive equity tools into more flexible vehicles that can deliver active strategies, particularly in fixed income.
The conversation covers how the ETF “wrapper” works, why liquidity in ETFs is often misunderstood, and how structural inefficiencies in bond markets can create opportunities for active managers. The discussion also reflects on the current fixed income environment, including attractive starting yields, global divergence, and the importance of diversification.
Key topics include:
• What an ETF is and why it should be seen as a wrapper, not a strategy
• Why active management matters more in fixed income than equities
• Structural inefficiencies in bond markets and how they create opportunities
• The role of starting yields and why they look more attractive today
• How ETFs can offer liquidity, sometimes even more efficiently than the underlying bonds
• How the investor base is evolving, with growing retail adoption
• Why diversification and selectivity matter in today’s uncertain environment

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