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Friday, August 13, 2010

Pimco is Popular

News summary by MFWire's editors

Bill Gross' Pimco [see profile] is once again in the headlines and for all the right reasons. In Bloomberg BusinessWeek's Popularity Issue released yesterday, Pimco's $239.3 billion Total Return Fund gets the nod as the most popular mutual fund.

Bloomberg BusinessWeek reporter J. Emilio Flores notes that Pimco's flagship fund takes in a whopping $1 billion of assets a week. Pimco currently manages some $1.07 trillion in total assets.

The scribe also reports that "it is not uncommon for Pimco's managers come into the office at 4 a.m. and find Gross sitting Zen-like amid an array of monitors, his tie already loose around his collar." Perhaps he is meditating on the ways to investing enlightenment, or maybe on how to double his firm's assets within the next few years.

The runners-up to Pimco, according to the mag, are American Growth Fund of America, Vanguard Total Stock Market, American Europacific Growth-A and Vanguard 500 Index Fund.  

Edited by: Hung Tran

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