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Rating:Gross Versus ... Gross Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 09, 2012

Gross Versus ... Gross

News summary by MFWire's editors

Bill Gross is a good example of competing against oneself. Bloomberg says that Pimco's PM is being defeated by a smaller version of himself, which is the Pimco Total Return ETF.

Data by Bloomberg shows that the ETF version has gained 6.8 percent since its launch, while its mutual fund counterpart has only gained 3.2 percent since March 1.

Bonnie Baha, head of global developed credit at DoubleLine Capital LP, said:
It's very difficult to beat the market when you are the market. Any choices you make will have an outsized impact when you're smaller and more nimble. It stands to reason that there will be more opportunities that you can take and fly below the radar.
Mark Porterfield, Pimco spokesperson, said in statement that the sixteen fold increase in shares since March has allowed managers to "continually adjust the portfolio to align with our current outlook, and to invest in the best opportunities presented each day."

Morningstar data showed that Gross's Total Return Fund had $1.4 billion in June. During the first six months of 2012, a total of $5.9 billion was attracted by the fund, according to the New York-based investment research group.

Bloomberg data shows that the ETF saw inflows of $498.4 million last month. 

Edited by: HFD


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