Tags: Gross | Total | Return | Fund

Gross's Total Return Fund Hit by More Withdrawals

Tuesday, 01 Apr 2014 06:56 PM

Bill Gross’s Pimco Total Return Fund suffered its 11th straight month of withdrawals in March as the world’s largest bond fund trailed peers, according to Morningstar Inc.

Clients withdrew an estimated $3.1 billion from Pacific Investment Management Co.’s $232 billion bond fund, formerly the world’s largest mutual fund, Chicago-based Morningstar said in an e-mail Tuesday. Industrywide, investors returned to bond funds, putting an estimated $11.6 billion into bond funds last month through March 19, according to the Investment Company Institute.

Gross’s fund has advanced 1.3 percent this year through March 31, trailing 73 percent of peers, according to data compiled by Bloomberg. In March, the fund fell 0.6 percent to trail 95 percent of peers as Federal Reserve Chairman Janet Yellen outlined plans to increase interest rates, undermining a bet by Gross.

Mark Porterfield, a spokesman for Newport Beach, California-based Pimco, didn’t immediately respond to an e-mail seeking comment on the net redemptions.

Investors pulled a record $41.1 billion from Pimco Total Return in 2013, according to Morningstar. They withdrew $3.5 billion in January and $1.6 billion in February, Morningstar said.

Over the past five years, Pimco Total Return advanced at an annual 6.9 percent, ahead of 57 percent of similarly managed funds.

Morningstar estimates deposits or withdrawals for mutual funds by computing the change in assets on a monthly basis that isn’t accounted for by performance. The fund’s actual withdrawals or deposits may differ from Morningstar’s estimates because of the timing of purchases and redemptions or dividend distributions.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
InvestingAnalysis
Bill Gross's Pimco Total Return Fund suffered its 11th straight month of withdrawals in March as the world's largest bond fund trailed peers, according to Morningstar Inc.
Gross,Total,Return,Fund
249
2014-56-01
Tuesday, 01 Apr 2014 06:56 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved