On Thursday 5 November 2026 the Dow Jones Industrial Average closed down 1,833 points, or 3.44%, at 51,523, according to press reports. This note uses that day as a dated reference point to look at one figure that often confuses readers of fund data: a country weight above 100%.
The day in brief
The 3.44% fall is a press report figure. We hold no Dow price series and have not checked it against an exchange source. The fund price series in our data ends on 5 November, so this note does not state any fund’s move for that day.
What the figures show against peers
PIMCO StocksPLUS Fund (INST Acc USD class) shows a United States weight of 157.10% in FE fundinfo data as at 17 October 2026. Other country weights were the United Kingdom at 11.44%, Australia at 7.58%, Germany at 4.55%, Ireland at 4.25% and Japan at 4.05%. Across funds with any US weight, the average US weight in our 30 October 2026 data was 63.19%, so this figure is about 2.5 times that average. The two dates differ and the comparison is a snapshot, not a ranking.
Over the periods to 31 October 2026 the INST Acc USD class returned 9.28% over 1 year, 69.32% over 3 years and 70.53% over 5 years, converted to sterling. In FE’s peer group for the fund it ranked in the first quartile over all three periods. The figures do not show whether the 157.10% weight, the bond holdings, costs or something else lies behind the difference from peers.
How a weight above 100% arises
Country weights in a fund’s breakdown normally add up to about 100%. A US weight of 157.10% means the US positions are worth about 1.57 times the fund’s assets. A figure like this can arise when a fund uses derivatives such as futures and swaps, which give exposure to a market without buying every share. The data we hold does not itemise the derivatives and does not give a separate net figure, so whether the 157.10% is gross or net of offsetting positions cannot be told from these figures.
The bond style breakdown for the fund reads: investment grade credit 39.10%, securitized 33.85%, net other short duration instruments 32.06%, non-US developed 6.87%, high yield credit 0.11% and US government related negative 11.99%. A negative weight is a short or offsetting position. The bond weights and the country weights describe different parts of the portfolio and do not add together as one list of shares.
The arithmetic on a sharp fall
As arithmetic only: positions worth 157.10% of fund assets change in value by about 1.57 times the percentage move in the underlying market, before the bond holdings, costs and any offsetting positions. A fund with a 100% weight in the same market changes by about 1.00 times. A fund’s result on any day depends on all of its holdings, which these weights do not fully show.
Costs and share class
The class shown is INST Acc USD; other classes differ in charges and currency. Its total expense ratio is 0.55%, with an annual management fee of 0.55%, as at 31 October 2026.
What kind of fund this is and what it cannot tell
FE places the fund in a sector whose label begins “Long/Short Equity Variable Bias” (FE’s label is cut off in our data). Its category field reads “United States”. The fund combines a United States country weight above 100% with a large bond portfolio, as the figures above show.
The data holds no SRRI for this class, so no risk indicator is given here. A weight above 100% means gains and losses on that exposure are larger than the same move in a fund with a 100% weight. The figures cannot show how the fund behaved on 5 November, how much of the US weight is offset, or what the derivative positions were on that day.
Past performance is not a reliable guide to future returns. Capital is at risk.
This note describes how the fund is built and how it has performed; it is general information, not a recommendation or personal advice, and does not take account of any reader’s circumstances.
Source: FE fundinfo. Returns and charges as at 31 October 2026; other figures dated where shown.
Past performance is not a reliable guide to future returns. Capital is at risk.
Funds Benchmark provides research and tooling for institutional and private investors. Nothing in this note is investment advice or a recommendation to buy or sell any specific fund.
