PIMCO flagship Total Return Fund saw another month of net outflows.
According to new data from Morningstar, the fund managed by Bill Gross saw net outflows of around $US4.29 billion in May.
That’s the 13th straight month of net outflows for a cumulative total amount of $US59.55 billion.
For investors, however, the top concern continues to be performance. On this end, PIMCO delivered in May. According to a spokesperson for PIMCO, the Total Return Fund beat 79% of its competitors.
Outflows are not an industry-wide phenomenon. Competitor DoubleLine Funds, led by other bond king Jeff Gundlach, saw $US485 million in net inflows in May into its flagship Total Return Fund.
With performance improving and the bond market seeing a bit of bid lately, maybe Gross’s fund will finally see flows turn around.