Text on screen: Role of the Secular Forum in the PIMCO Investment Process

Voiceover: PIMCO’s secular forum is an integral part of our investment process. We have four forums a year, we have cyclical forums three times a year, and then once a year in May, we have the secular forum where we're looking ahead three to five years, and the magic of our process is we bring them together in investing our portfolios every day. The investment process has really keyed off both the secular forum and the cyclical forum. And the investment committee meets four times a week, and they discuss the data and market trends in the context of those forums. In turn, they then provide guidance to portfolio managers, who, day-to-day, invest portfolios based upon our forum views and current market developments.

It’s very much a global secular outlook, and we'll spend a great deal of our time talking about Asia, Latin America, Europe. And all of those trends are relevant. PIMCO’s a global firm and we look for global opportunities to invest, and indeed, in a secular horizon in those are key.