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Rating:Gross' Mea Culpa Fails to Stem Outflows Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, December 16, 2011

Gross' Mea Culpa Fails to Stem Outflows

News summary by MFWire's editors

"Bond King" Bill Gross humbled himself last month by admitting that he made a wrong bet on the bond market and has shaken up the PIMCO Total Return Fund [profile] portfolio, but those moves have failed to stem outflows reports Reuters.

Morningstar editorial director Kevin McDevitt said the fund saw $500 million outflows in November. That number is not as large as seen in other months. Over the past 12 months shareholders have pulled a total of $17 billion.

The outflows from Total Return came despite a strong wind at the back of the bond mutual fund sector as a whole. During November all taxable bond mutual funds reported inflows of $10.2 billion and a 12-month period inflow of $105.8.

McDevvit said the California-based fun "has underperformed this year, and a lot of it goes back to (Gross's) misplaced bet on Treasuries."

The "Bond King" wrote to his investors in October saying he is "just having a bad year" and apologized for his poor performance. Gross faced heavy criticism this year when he bet against the U.S. Treasuries, which subsequently performed strongly. 

Edited by: HFD

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