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PIMCO has many variations of their "PLUS" strategies and I don't really understand any of them. Some of their "PLUS" funds do well compared to their benchmarks and others don't. I'm resolving many of these decisions by moving to index funds.
I own a little in my Roth IRA. It's basically a bond fund plus a derivative to give you value-tilted stock market exposure, if I understand it right. If you think Bill Gross's bond fund can earn enough return to overcome the management fee, and if you believe in a value tilt, it makes sense as a slightly riskier alternative to an index fund. But it is extraordinarily un-tax efficient, so hold it only in a tax-advantaged account, and the super excess returns of the last 5 years won't be repeated since the glory days for bonds are almost certainly over.
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