Nervous investors pull $10bn from Gross' PIMCO Total Return in June

Bill Gross' $268bn PIMCO Total Return bond fund saw record outflows of almost $10bn in June as investors' flight from fixed income continued in earnest, according to reports.

The monthly outflow, the largest since Morningstar records begin in 1993, represents the second consecutive month of withdrawals from the fund following the $1.3bn in outflows seen in May. Morningstar said it estimated withdrawals to have totalled $9.6bn in June, according to the Wall Street Journal, but added PIMCO's own preliminary estimates record an outflow of $9.9bn. Gross has bet heavily on the US treasury market in recent months, and Total Return has consequently struggled as investors grow nervous over a potential slowdown in the Federal Reserve's asset purchase programme. ...