Bill Gross's Pimco Total Return Fund, the world's largest bond fund, keeps shrinking as investors look to put their money with some of his competitors. In November, the mutual fund led by Gross saw about $500 million in outflows, bringing its cash outflow over the past 12 months to $17 billion, said Morningstar editorial director Kevin McDevitt. By contrast, November was a banner month for most other taxable bond funds, which took in nearly $10.2 billion in money as a group, according to Morningstar.
Over a 12-month period, taxable bonds fund accumulated $105.8 billion in new money.
An outflow of $17 billion might not seem too bad for a fund that still oversees $241 billion in assets, but it's an indication that investors are losing some faith in Gross, whose fund has underperformed all yearand in November once again missed out on a big move away from stocks and other risky assets and into bonds and Treasury notes….
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