"The private sector is the source of long-term job creation, but in the short-term, no rational observer can believe that global or even small businesses will invest here when the labor over 'there' is so much cheaper," Gross wrote. "That is why trillions of dollars of corporate cash rest impotently on balance sheets awaiting global-non-U.S.-investment opportunities."
Pimco's $243 billion Total Return Fund handed investors a return of 6.99 percent in the past year, beating about 74 percent of its peers, according to data compiled by Bloomberg. The unit of Munich-based insurer Allianz SE, managed $1.3 trillion of assets as of March 31.