MetWest Surpasses Pimco as Largest Active Bond Fund Manager
07 December 2016 - 7:47AM
Dow Jones News
By Matt Wirz
The Metropolitan West Total Return Bond Fund became the largest
actively managed bond fund in the world in November, overtaking the
long-dominant Pimco Total Return Bond Fund operated by Pacific
Investment Management Co., according to data from Morningstar
Inc.
MetWest has been the largest recipient of inflows from former
Pimco investors who defected after the firm's co-founder Bill Gross
left for Janus Capital Group Inc. in September 2014.
The MetWest fund -- operated by Los Angeles-based TCW Group Inc.
-- has grown by about $10 billion this year to $79.6 billion at the
end of November, while Pimco's fund has shrunk by about $11 billion
to $78.5 billion, according to Morningstar.
Both funds struggled over the last three months, losing about
2.6%, as rising interest rates pushed bond prices lower.
Despite the funds' comparable performance, investors have
favored Metwest, adding about $1 billion to that fund since August,
while pulling more than $3 billion from Pimco Total return,
according to Morningstar.
TCW is run by two portfolio managers Laird Landmann and Tad
Rivelle, who have managed the MetWest fund since its inception in
1997.
Write to Matt Wirz at matthieu.wirz@wsj.com
(END) Dow Jones Newswires
December 06, 2016 15:32 ET (20:32 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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