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Tuesday, March 12, 2013

Gross Moves Out of MBS, Treasuries

News summary by MFWire's editors

Pimcochief investment officer Bill Gross cut mortgage-backed securities and Treasury bonds holdings last month while increasing holdings of junk debt in the world's largest debt fund, according to a DowJones Newswires article.

The Newswire reported that the share of Treasury bonds in the $288.2 billion Total Return Fund was 28 percent at the end of February, compared with 30 percent in January, according to data released Monday afternoon on the company's website. The Treasury debt holdings include regular Treasury bonds and Treasury Inflation-Protected Securities, the newswire reported.

Meanwhile, the share of mortgage-backed securities fell to 36 percent in February from 37 percent in January and 42 percent in December. It was the eighth-straight month in which Mr. Gross cut MBS exposure, though these securities still account for the largest share of the fund,

In contrast, Dow Jones reported that the share of junk bonds, or those rated below BBB- but carrying higher yields than Treasury bonds and investment-grade corporate bonds, ticked up to 3% from 2% in January.

Read more in the DowJones Newswires article

Edited by: Tommy Fernandez

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