Pimco GIS Total Return Bond
Net flows: -$419 million
The $59 billion Pimco GIS Total Return Bond strategy has been managed by Scott Mather and Mihir Worah since they took it on from Bill Gross in September 2014. The fund has seen the highest outflows out of all the cross-border funds available at Pimco.
Over the three-year time period, the fund, formerly the largest bond fund in the world, has managed to outperform its benchmark. The outflows refer to the Luxembourg-domiciled version of the fund, which are small compared to the overall size of the strategy.
In an investment update, Mather and Worah said the underweight to investment grade corporate credit had helped the fund’s performance. Short exposure to UK duration had detracted from the fund. In terms of holdings, US treasuries make up 52.5% of the fund, while agency-backed securities account for 33.7% of the fund.
Estimated net flows derived from Lipper data using monthly data points. Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: Three years to 30/09/2017.