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Pimco’s Total Return Fund Attracts $1.7 Billion in First Quarter

Pimco Total Return Fund's Bill Gross
Bill Gross, co-chief investment officer of Pacific Investment Management Co. (PIMCO), speaks during an alumni event hosted by UCLA Anderson School of Management in Beverly Hills on Nov. 17, 2011. Photographer: Andrew Harrer/Bloomberg

April 2 (Bloomberg) -- Bill Gross’s Pimco Total Return Fund, the world’s biggest mutual fund, attracted $1.7 billion of investor deposits in the first quarter as performance rebounded.

The fund last had deposits in the third quarter of 2011, when it brought in $2.3 billion, according to data compiled by Chicago-based Morningstar Inc. Investors pulled about $3 billion from the fund in the three months ended Dec. 31, bringing withdrawals last year to $5 billion, Morningstar said.

The $252 billion Pimco Total Return has advanced 2.9 percent this year, beating 97 percent of similarly managed funds, according to data compiled by Bloomberg. The fund last year gained 4.2 percent, lagging behind 69 percent of its peers, after Gross missed a rally in U.S. Treasuries and put money into riskier assets.

Gross, who eliminated Treasuries from his portfolio in February 2011, had been increasing his holdings of the securities until this February, when he reduced the proportion of U.S. government securities to 37 percent of assets, from 38 percent in January, according to Pimco’s website.

Investors put a net $6.4 billion into Jeffrey Gundlach’s DoubleLine Total Return Bond Fund in the first quarter, following deposits of $3.6 billion in the fourth quarter, according to Morningstar. Gundlach’s fund has risen 3 percent this year, beating 97 percent of rivals, Bloomberg data show.

To contact the reporter on this story: Alexis Leondis in New York at aleondis@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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