PIMCO's giant Total Return Bond fund - headed up by Bill Gross - suffered outflows in July, clocking up its fifteenth straight month of withdrawals, according to new data.
The fund lost $830m of assets - 0.4% of the fund - taking total assets down to $223bn, according to Morningstar. PIMCO's fund has been one of the worst impacted by the so-called Great Rotation over the last year. Gross' fund began losing assets in May 2013, after Federal Reserve chair Ben Bernanke first mentioned the prospect of tapering bond purchases. The fund, then the world's largest at $286bn, lost the title in November to the Vanguard Total Stock Market Index tracker. PIMCO has also suffered from an acrimonious dispute over working conditions centring on Gross, that ended...
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