- ISIN
- US72202G3231
- Issuer
- PIMCO
- Inception Date
- Nov 2, 2014
- Category
- Municipal Bonds
- Min. Investment
- $250,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
GCMFX Performance Chart
PIMCO California Municipal Opportunistic Value Fund (GCMFX) is up 0.9% since the beginning of the year. GCMFX is currently trading at $10 per share. Investors who bought $1,000 worth of GCMFX shares 5 years ago would now be looking at an investment worth $1,077.
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Returns By Period
PIMCO California Municipal Opportunistic Value Fund (GCMFX) has returned 0.89% so far this year and 5.50% over the past 12 months. Over the last ten years, GCMFX has returned 1.90% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
PIMCO California Municipal Opportunistic Value Fund
- 1D
- -0.21%
- 1M
- -1.73%
- 6M
- 0.61%
- YTD
- 0.89%
- 1Y
- 5.50%
- 3Y*
- 2.86%
- 5Y*
- 1.50%
- 10Y*
- 1.90%
- ALL TIME*
- 1.85%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
GCMFX Monthly Returns History
Based on dividend-adjusted daily data since Nov 3, 2014, GCMFX's average daily return is +0.01%, while the average monthly return is +0.16%. At this rate, an investment would double in approximately 36.1 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +5.0%, while the worst month was Sep 2022 at -2.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, GCMFX closed higher 26% of trading days. The best single day was Mar 25, 2020 with a return of +2.3%, while the worst single day was Mar 12, 2020 at -1.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.28% | 1.31% | -1.55% | 1.11% | 0.49% | 1.02% | -1.73% | 0.89% | |||||
| 2025 | -0.12% | 0.90% | -1.26% | -0.64% | -0.65% | 0.39% | -0.66% | 0.62% | 2.61% | 1.24% | 0.37% | -0.02% | 2.76% |
| 2024 | -0.04% | 0.17% | -0.03% | -0.74% | 0.19% | 1.19% | 0.78% | 0.50% | 0.97% | -1.12% | 1.41% | -1.03% | 2.24% |
| 2023 | 2.09% | -1.47% | 1.51% | -0.20% | -0.36% | 0.69% | 0.25% | -0.86% | -1.99% | -1.48% | 5.02% | 2.13% | 5.22% |
| 2022 | -1.20% | -0.21% | -1.12% | -1.22% | 1.00% | -0.91% | 1.33% | -1.41% | -2.57% | -0.62% | 3.45% | 0.08% | -3.47% |
| 2021 | 0.36% | -0.29% | 0.48% | 0.50% | 0.27% | 0.09% | 0.28% | -0.13% | -0.12% | 0.11% | 0.18% | 0.02% | 1.76% |
Benchmark Metrics
PIMCO California Municipal Opportunistic Value Fund has an annualized alpha of 1.70%, beta of 0.01, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since November 03, 2014.
- This fund participated in 9.93% of S&P 500 Index downside but only 9.76% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.01 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.70%
- Beta
- 0.01
- R²
- 0.01
- Upside Capture
- 9.76%
- Downside Capture
- 9.93%
Expense Ratio
GCMFX has an expense ratio of 0.63%, placing it in the medium range.
Return for Risk
Risk / Return Rank
GCMFX ranks 90 for risk / return — above 90% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for PIMCO California Municipal Opportunistic Value Fund (GCMFX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GCMFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.25 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 2.00 | +0.87 |
| Martin ratioReturn relative to average drawdown | 10.22 | 8.49 | +1.73 |
Dividends
Dividend History
PIMCO California Municipal Opportunistic Value Fund provided a 3.17% dividend yield over the last twelve months, with an annual payout of $0.31 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.31 | $0.33 | $0.33 | $0.26 | $0.18 | $0.24 | $0.27 | $0.26 | $0.24 | $0.15 | $0.02 |
Dividend yield | 3.17% | 3.39% | 3.34% | 2.59% | 1.91% | 2.34% | 2.65% | 2.56% | 2.40% | 1.51% | 0.17% |
Monthly Dividends
The table displays the monthly dividend distributions for PIMCO California Municipal Opportunistic Value Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.17 | |||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.33 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.33 |
| 2023 | $0.02 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.26 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.03 | $0.18 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.24 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the PIMCO California Municipal Opportunistic Value Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the PIMCO California Municipal Opportunistic Value Fund was 7.08%, occurring on Oct 25, 2022. Recovery took 281 trading sessions.
The current PIMCO California Municipal Opportunistic Value Fund drawdown is 1.73%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-7.08%Oct 2022 | 10mo 20d | 1y 1mo | 1y 12moDec 2021 - Dec 2023 | Bear market2022 |
-6.15%Mar 2020 | 10d | 4mo 19d | 4mo 29dMar 2020 - Aug 2020 | COVID crash2020 |
-4.96%Apr 2025 | 4mo 1d | 6mo 1d | 10mo 2dDec 2024 - Oct 2025 | 2025 selloff2025 |
-3.31%Dec 2016 | 4mo 24d | 1y 4d | 1y 4moJul 2016 - Dec 2017 | — |
-2.24%Mar 2026 | 25d | 2mo 3d | 2mo 28dMar 2026 - May 2026 | — |
Drawdown Indicators
| GCMFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.08% | -56.78% | +49.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -9.10% | +6.86% |
Max Drawdown (3Y)Largest decline over 3 years | -4.96% | -18.90% | +13.94% |
Max Drawdown (5Y)Largest decline over 5 years | -7.08% | -25.43% | +18.35% |
Max Drawdown (10Y)Largest decline over 10 years | -7.08% | -33.92% | +26.84% |
Current DrawdownCurrent decline from peak | -1.73% | -1.58% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -10.70% | +9.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 2.14% | -1.51% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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