Gross Makes $17M Bet on Pimco Funds
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Thursday, December 16, 2010

Gross Makes $17M Bet on Pimco Funds

Bill Gross is putting his money where his mouth is. Bloomberg reports that the Pacific Investment Management Co. [see profile] star has made a $11.4 million bet of his money into five closed-end funds that invest in corporate debt after buying shares of five that buy municipal bonds in the past week.

Gross' bets include shares of Pimco Income Strategy Fund, Pimco Income Strategy Fund II, Pimco High Income Fund, Pimco Corporate Income Fund and Pimco Corporate Opportunity Fund, according to a filing with the U.S. Securities and Exchange Commission. On Dec. 13 and 14, he more than doubled his holdings in the funds to 2.37 million shares, filings show.

All told, Gross has reportedly invested about $17 million of his own money in his firmís funds over the past week.

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