The new managers of Bill Gross' old fund at PIMCO are doing the exact opposite of what he did

The new managers of Pimco's Total Return bond fund, which Bill Gross used to head before unexpectedly quitting last year, are backtracking on many of the bets the eccentric CIO made before he left.

Managers Scott Mather, Mark Kiesel, and Mihir Worah, who replaced Gross at the helm of the world's biggest bond fund, are increasing their bets on agency mortgage backed securities, Bloomberg's Alexis Leondis reported. When Gross managed the fund, he had been cutting down on the government-backed bonds.

The move marks a divergence from other money managers, like BlackRock, which held more agency MBS than Pimco did last year, and have since begun reducing their holdings.

But more than anything, it's likely an effort to return the fund to a more neutral position after jittery investors withdrew some $100 billion from the fund last year.

And it might be working: last month, withdrawals from the fund were down to $8.6 billion, the report said.

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