By Kirsten Grind
Investors pulled $9.5 billion from Pacific Investment Management
Co.'s flagship Total Return fund in November, a sharp drop from the
previous two record-setting months of outflows, according to the
company.
Assets in the Total Return fund sank to $162.8 billion from
$170.9 billion at the end of October, as some investors worried
about the state of the Newport Beach, Calif.-based money manager
following the abrupt departure of co-founder and chief investment
officer Bill Gross Sept. 26.
In September and October, investors pulled about $23.5 billion
and $27.5 billion, respectively, according to Pimco. Mr. Gross left
to run a smaller mutual fund at Janus Capital Group Inc.
Performance in the Total Return fund also has improved. The fund
beat out 99% of similar bond funds in November, returning 0.99%
compared with 0.71% for the Barclays U.S. Aggregate Bond index.
That's the giant fund's best monthly performance since at least
2003, when fund research firm Morningstar Inc. began tallying.
The fund's "strong absolute and relative returns during the past
two months are a testament to our investment process and the talent
of our investment professionals," Pimco's group chief investment
officer Dan Ivascyn said in a statement.
Write to Kirsten Grind at kirsten.grind@wsj.com
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