Tags: Bill Gross | Pimco | bond | fund

Pimco's Gross: Pimco Total Return 'Had Rough Patch,' But 'We're Moving Ahead'

By    |   Friday, 06 June 2014 09:49 AM

Pimco may have hit the skids with withdrawals from its flagship Total Return fund, but the fund is poised for a rebound, says Pimco chief investment officer Bill Gross.

The fund has suffered an outflow of $59.6 billion since May 2013, leaving its total assets at $228.9 billion, according to research firm Morningstar. And it has wallowed in the bottom 88th percentile of its fund category during the past year.

"Pimco had a rough patch, I guess, toward the end of 2013. Now it's not a rough patch," Gross told CNBC.

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"We're moving ahead. I couldn't be more confident that by the end of this year, Pimco will be close to the top of the pack in terms of the bond market. And those that are taking money out, hopefully they will be putting it back in real soon."

Gross said the fund is "outperforming" in May and early June. "And watch our 12-month numbers . . . . Over the next week or two, they're going to be in the [top] 75th percentile."

Pimco has been in a state of tumult this year, with Mohamed El-Erian resigning as CEO in March after reported disagreements with Gross.

To be sure, Morningstar analyst Eric Jacobson has not lost faith in Pimco Total Return. It "remains a compelling choice," he wrote on Morningstar.com. "All of its pros and cons still add up to a world-class offering and a Morningstar analyst rating of gold."

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Pimco may have hit the skids with withdrawals from its flagship Total Return fund, but the fund is poised for a rebound, says Pimco chief investment officer Bill Gross.
Bill Gross, Pimco, bond, fund
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2014-49-06
Friday, 06 June 2014 09:49 AM
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