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Fund Spy

Where Have PIMCO Total Return's Assets Gone?

These intermediate-term bond funds have grown the most as PIMCO's flagship has shrunk.

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PIMCO's recent announcement that Manny Roman will become its new CEO comes after the firm has seen its assets under management decline by hundreds of billions since 2013. The appointment of Roman, who has been lauded for successfully stabilizing, diversifying, and growing Man Group's business as CEO, suggests that the firm is hoping he can pull off something similar here.

While some of PIMCO's strategies have been stable or even growing during this time, the firm's flagship PIMCO Total Return (PTTRX) has seen a staggering level of redemptions. The pace of outflows from the fund has slowed more recently, as the initial investor exodus following the departure of the fund's legendary manager Bill Gross subsided, but have nonetheless continued. At $86 billion in assets as of June 30, 2016, PIMCO Total Return is still hefty--the third largest in the intermediate-term bond category--but now less than a third of its size at its April 2013 peak of $293 billion.

Miriam Sjoblom has a position in the following securities mentioned above: PTTRX, LSBRX. Find out about Morningstar’s editorial policies.

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