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PIMCO Draws On Its Deep Bench

PIMCO's post-Gross announcements bring some relief.

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Earlier today, PIMCO made a number of announcements regarding reassignment of Bill Gross' duties. With a number of highly regarded portfolio managers assuming his management duties, PIMCO funds are--for the moment--on stable ground in terms of management expertise and research depth. We've posted the full press release here for those keeping score. By no means are PIMCO or the funds in the clear--Morningstar's manager research team wanted to weigh in with initial thoughts and will circle back with more analysis in coming days.

First, News for Several PIMCO Funds
Mark Kiesel, Scott Mather, and Mihir Worah will be taking the reins of  PIMCO Total Return (PTTRX). Given the trio's depth in global fixed-income, credit, real assets, and multiasset portfolios, the trio is in theory well-suited to steer the fund through what promises to be a challenging stretch ahead. (Kiesel was named Morningstar Fixed-Income Fund Manager of the Year 2012.) That said, assessing how they intend to put their imprint on the fund's strategy and how well they jell day-to-day are the open questions Morningstar is digging into.

Michael Herbst has a position in the following securities mentioned above: PTTRX. Find out about Morningstar’s editorial policies.