Pimco Flagship Has First Withdrawals Since 2011
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Bill Gross’s Pimco Total Return Fund, the world’s largest mutual fund, suffered the first client withdrawals since 2011 last month as global bond markets tumbled the most in nine years.
Investors pulled $1.32 billion from the $285 billion fund, according to estimates from Chicago-based research firm Morningstar Inc. An exchange-traded version of the Total Return fund saw clients pull an estimated $64.4 million, the first ever withdrawals since the ETF’s inception in 2012.