PAUDX is a very "un-bogleish" fund, and is not like the BND fund at all. They are apples and oranges.
BND is a diversified bond passive index fund with an ER of 0.1%, and contains no stocks. PAUDX is an actively managed mix of stocks, bonds, commodities, short positions, etc., with an ER of 2.08%. The expense ratio (ER) of PAUDX is more than 20 time the expense of BND.
You can see the differences http://investments.pimco.com/Products/p ... lassCode=Dhttps://personal.vanguard.com/us/funds/ ... IntExt=INT
Since I am a Boglehead, I think PAUDX is a very, very bad fund to own. Its ER is way to high, and I never short the market (the fund prospectus says it can hold 20% short positions).
If I were you, I would have a classic three fund portfolio and call it a day...http://www.bogleheads.org/wiki/Three-fund_portfolio