The Pimco Total Return Fund, which last year lost its crown as the largest bond fund in the world, kept hemorrhaging money in February, with cash withdrawals of $600 million in the latest month.

In January, the fund had an outflow of $1.1 billion. The Pimco Total Return Fund had total assets under management of $88 billion at the end of February, Pacific Investment Management Co's website indicated on Wednesday.

"February proved a challenging month for the Total Return strategy," Pimco, a unit of German insurer Allianz SE, said in a statement.

For the month, the Pimco Total Return Fund posted negative returns of 0.66 percent after fees, trailing the benchmark return of 0.71 percent. So far year-to-date through February, the Pimco Total Return Fund has posted returns of 0.34 percent after fees, trailing the benchmark's return of 2.1 percent.

Todd Rosenbluth, director of ETF & Mutual Fund Research at S&P Capital IQ Global Market Intelligence, said the Pimco Total Return Fund "seems to be stuck in the penalty box from the management change nearly 18 months ago. Investors that left following the departure of Bill Gross may be skeptical of returning, given the alternatives with longer records under current management."

Gross, who became known as "the Bond King" during his years at Pimco, left in 2014 for distant rival Janus Capital Group Inc.