From Bloomberg: Bill Gross’s Pimco Total Return Fund, the world’s largest
mutual fund, suffered the first client withdrawals since 2011 last month as
global bond markets tumbled the most in nine years. Investors pulled $1.32 billion from the $285
billion fund, according to estimates from Chicago-based research firm
Morningstar . An exchange-traded version of the Total Return (BOND) fund saw
clients pull an estimated $64.4 million, the first ever withdrawals since the
ETF’s inception in 2012.
A bet on U.S.
government debt hurt Gross last month as Treasuries tumbled 2 percent amid
speculation a strengthening U.S.
economy will allow the Federal Reserve to reduce its monetary stimulus. Gross’s
fund declined 1.9 percent last month through May 30, its biggest monthly loss
since September 2008,…
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