Bill Gross's $2.1bn Janus Henderson Global Unconstrained Bond fund had its largest one-day fall since its launch in 2014 on Tuesday, as bond markets were rocked by the ongoing political crisis in Italy.
Gross, who has often been labelled the 'bond king' throughout his career, saw his fund slide 3% on Tuesday, taking his overall loss this year to 5.9%. Despite the fund's minimal exposure to Italian fixed income, it appears Gross has been stumped by a bet that the German bund would fall relative to Italian yields, according to The Wall Street Journal. Investors were spooked by an intervention from President Sergio Mattarella at the weekend after he rejected the proposed finance minister, which led to the collapse of their coalition. Mattarella vetoed the Five Star Movement and the L...
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