Sunday, December 3, 2023
HomebondsPimco's assets sank in 2013 as bond bets turned sour

Pimco’s assets sank in 2013 as bond bets turned sour

The Pimco Total Return Fund, the world's largest bond fund, saw its assets sink by a record $41.1 billion last year after a mistaken bet on U.S. Treasuries resulted in the fund's worst annual performance in nearly two decades.

Investors pulled $4.2 billion from the fund in December, marking the eighth straight month of outflows and reducing the fund's assets to $237 billion. The fund, which co-founder and co-chief investment officer Bill Gross manages, fell 1.9 percent last year, marking its worst performance since 1994.

(Read more: Don't fear the rate rise: Philadelphia Trust)

Pimco had outflows of $10.4 billion across all of the its U.S. open-end mutual funds in December, resulting in outflows of $31.1 billion for the year. That marked the first annual total outflows from those funds since Morningstar began tracking them in 1993.


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