PIMCO’s Total Return Fund, the bond fund spearheaded by CIO Bill Gross, just saw its 15th-straight month of outflows, according to new Morningstar data.
The fund’s losses totaled $US830 million, or 0.4% of June-ending assets of $US225 billion, Morningstar said.
Total assets in the fund at the end of July are now down to $US223 billion.
Marketwatch reports the fund returned negative 0.5%, underperforming the benchmark Barclays Aggregate bond fund, which returned negative 0.3%. The fund has underperformed 72% of its peers through July.
However, it’s topped 87% of its peers in the past three months. And as Bloomberg recently reported, nine of PIMCO’s 15 largest mutual funds are beating at least 75% of peers YTD.
“Gross has been undermined this year by bets on shorter-term debt, trailing 89% of his peers in July,” Bloomberg’s Mary Childs and Charles Stein wrote.
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