The Most Famous Bond Fund In The World Experienced Its 13th Straight Monthly Outflow
According to new data from Morningstar, the fund managed by Bill Gross saw net outflows of around $4.29 billion in May.
That's the 13th straight month of net outflows for a cumulative total amount of $59.55 billion.
PIMCO has attracted a lot of attention in recent months, largely due to the unexpected departure of CEO Mohamed El-Erian and revelations of Co-CIO Gross's unorthodox management style.
For investors, however, the top concern continues to be performance. And PIMCO just isn't delivering.
Outflows are not an industry-wide phenomenon. Competitor DoubleLine Funds, led by other bond king Jeff Gundlach, saw $485 million in net inflows in May into its flagship Total Return Fund.
With the bond market seeing a bit of bid lately, maybe Gross's fund will finally see things turn around.