Pacific Investment Management Co.’s Bill Gross reduced holdings of Treasuries and other U.S.- government-related debt in his flagship fund in August to 35 percent, the lowest level since March.
The proportion of U.S. government and related debt in the $251 billion Total Return Fund dropped from 39 percent in July, according to data on Pimco’s website. The Newport Beach, California-based company doesn’t comment directly on monthly changes in holdings or specific types of securities within a market sector.
The Total Return Fund dropped more than $41 billion, or 14 percent of its assets, in the past four months through losses and investor withdrawals. The fund suffered $7.7 billion in net redemptions in August, the Chicago-based researcher Morningstar Inc. said Sept. 4 in an e-mailed statement, the fourth straight month of withdrawals and the second highest amount this year.
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Mingze Wu
centers on forex and macro-economic trends impacting the Asia Pacific region.
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