PIMCO’s total return ETF was down 0.85%, the worst in class. For the eighth straight month, it saw outflows ($115.8 million in December).
After a 30 year bull market in bonds, investors have been fleeing the bond market and pumping more money into stocks.
Interest rates rallied going into the end of the year, which means bond prices fell.
In November, PIMCO lost its top dog status as the world’s largest mutual fund. The fund, operated by legendary investor Bill Gross, had beat 77% of its opponents over the past five years before falling behind many of them this year.