Ivascyn, manager of the PIMCO Income Fund, is the new CIO of the Newport Beach bond fund firm.
Gross will likely be remembered as one of the most important figures in bonds ever. He grew the firm’s Total Return Fund to as big as $US293 billion.
Unfortunately, Gross leaves the fund after 17 straight months of outflows totaling nearly $US92 billion.
PIMCO, however, will remind you that some funds have seen significant inflows.
“Investors have shown confidence in PIMCO as evidenced by significant inflows into strategies such as the PIMCO Income Fund, which has seen over $US6.5bn of net inflows year to date in 2014,” the firm said on Wednesday.
That’s Ivascyn’s fund. And while that amount is small, it’s a massive percentage gain for a fund that currently has $38 billion in assets.
The charts above come from a new report from Morningstar. As you can see, while the Total Return Fund has lost around 30% of assets under Gross’ purview, the Income Fund has blown up by around 30% under Ivascyn’s purview.
Sure, the dollar amounts are not comparable. But the direction is surely something PIMCO must be excited about.