Can Pimco's All Asset Funds Continue to Deliver?

These funds are more like hedge funds than regular mutual funds. But returns have been good and fees are not outrageous.

There's a cardinal rule in investing: Never buy anything you don't understand. But I think it's okay to break this rule occasionally. Consider the Pimco All Asset funds.

I've spent countless hours studying them, including a couple of hours interviewing manager Rob Arnott. I understand the general ideas, but key details still elude me. Arnott's funds are complex; they're more akin to hedge funds than mutual funds (although their costs are much closer to those of mutual funds than the exorbitant charges of hedge funds).

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Steven Goldberg
Contributing Columnist,
Steve has been writing for Kiplinger's for more than 25 years. As an associate editor and then senior associate editor, he covered mutual funds for Kiplinger's Personal Finance magazine from 1994-2006. He also authored a book, But Which Mutual Funds? In 2006 he joined with Jerry Tweddell, one of his best sources on investing, to form Tweddell Goldberg Investment Management to manage money for individual investors. Steve continues to write a regular column for and enjoys hearing investing questions from readers. You can contact Steve at 301.650.6567 or