Morningstar analyst Eric Jacobson cut Total Return’s rating to bronze from gold after Gross’s exit, citing uncertainty regarding potential client withdrawals and the reshuffling of management responsibilities. Some investors have put Pimco on watch lists before they make a decision about their allocations.

Pimco Total Return’s new chiefs sought to reassure clients in the days and weeks following Gross’s exit, saying on Sept. 27 that there will be no major changes in investment strategy, it’s “business as usual,” and the new managers have “all been part of the team as members of the investment committee,” according to Mather.

The next month, they reiterated that the fund was highly liquid because it’s invested in easy-to-trade segments of the bond market and uses derivatives such as futures and swaps.

The fund’s managers have positioned the fund in anticipation of rising interest rates in 2015, S&P’s Rosenbluth said.

“If that doesn’t play out, if we see yields stay relatively low, then we may not see performance improve in 2015.”

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