Gross’s Pimco Total Return Fund Falls 1.9% in May

Bill Gross’s Pimco Total Return Fund, the world’s largest mutual fund, declined 1.9 percent this month, the biggest monthly loss since September 2008.

The performance of the $293 billion Total Return Fund puts it behind 94 percent of similarly managed funds through May 30, according to data compiled by Bloomberg. The fund’s allocation to Treasuries has hindered performance as government-debt securities fell 1.8 percent in May as of yesterday, headed for the steepest monthly loss in three years, according to Bank of America Merrill Lynch indexes.