Fund Performance
“People are really waiting for cleaner data releases to inform their trading,” said Christopher Sullivan, who oversees $2.275 billion as chief investment officer at United Nations Federal Credit Union in New York. “There’s not a great deal of conviction one way or the other.”
Gross’ Total Return Fund has fallen 0.4 percent in the past year, ranking in the 19th percentile among its peers, according to data compiled by Bloomberg.
Pimco cut holdings of government-related debt to 35 percent in August from 39 percent in July, the only drop since the company reclassified assets in June.
Pimco was the only provider among the top 10 mutual fund families to suffer net withdrawals last month, according to a report from Morningstar Inc.
Pimco’s mutual funds lost $2.49 billion to client redemptions in February, bringing net withdrawals to $56.1 billion in the past year, Chicago-based Morningstar estimated today in a report.
The $31.5 billion DoubleLine Total Return Bond Fund gained 1.6 percent to place in the 81st percentile.
Treasuries were near the cheapest level in almost four years versus their global peers before today’s 10-year auction.
Government securities due in seven to 10 years yielded 95 basis points than non-U.S. sovereign debt as of yesterday, Bank of America Merrill Lynch data showed. The spread was 98 basis points the day before, a level not seen since April 2010.
‘Higher Rates’