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Hi, and welcome to the Longview. I'm Jeff Patak, Global Director of Manager Research for Morningstar Research Services.

And I'm Christine Ben's Director of Personal Finance for Morningstar, Inc.

Our guest this week is Dan Iveson. Dan is Group Chief Investment Officer of PIMCO, where he leads to the firm's income, credit hedge fund, and mortgage opportunistic strategies, and sits on its executive and investment committees.

Dan is perhaps best known as the longtime manager of the PIMCO income fund, where he's produced one of the best records

of any bond manager since taking the helm in 2007. In 2013, Morningstar named Dan our fixed income

manager of the year. Dan has been in the investment business for nearly three decades.

He joined Pimco in 1998 following stints at Bear Stearns, Tiro Price, and Fidelity Investments.

And we're delighted to have him as our guest. Dan, welcome to the Longview.

Thanks, Jeff. I'm excited to be here.

So maybe we'll start off with Pimco income, one of your charges. You've built an outstanding

record there. This year is a bit different, though. You're lagging. When we ask underperforming managers,

whether they do anything differently when they lag, they always say no. It's sort of business as usual,

and I wouldn't expect you to say otherwise. But I would imagine it has to change the tenor of some of the

conversations you might have internally, whether it's to reassure an analyst about their thesis maybe for a piece of paper or to ask them to revisit their assumptions.

So can you take us into those committee discussions, those rooms where those meetings are out and talk about maybe how the process has changed, if it has at all?

Absolutely.

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