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PIMCO Total Return Update 2015-02-14

Pimco reported last week that its flagship Total Return Fund posted a 21th straight month of outflows in January. Pimco reported outflows of $11.6 billion for the month for that fund, down from $19.4 billion of withdrawals the previous month.  The Pimco Total Return Fund had assets under management of $134.6 billion at the end of January, down from a peak of $292.9 billion in April 2013.

  Pimco Total Return Fund delivered a net after-fee return of 3.99% in the four months since the end of September (Bill Gross left PIMCO in September), or 1.11 percentage points greater than the Morningstar Intermediate-Term Bond Average during that period.  Last month, the fund returned 2.64%, net of fees, and returns of 0.54 percentage points above its benchmark and 0.89 percentage points above the Morningstar category.

Key changes to the fund in January are as follows:

  1. US government-related securities | 37.71% reduced from 43.19%
  2. Mortgages | 30.27% up from 25.43%
  3. Non-US Developed debt | 0.26% from 0.07%
  4. US Credit | 14.01% from 13.56%
  5. Emerging Market | 17.94% from 17.67%

Reference, 2015-02-11, “PIMCO’s Flagship Fund Decreases US Govt-Related Holdings in January”