Sept. 26 (Bloomberg) -- Daniel Ivascyn, who runs the $1.25 billion closed-end Pimco Dynamic Income Fund, added 21,400 shares of the fund valued at about $591,709.
Ivascyn, who also manages the $12.8 billion Pimco Income Fund at Newport Beach, California-based Pacific Investment Management Co., bought 100 shares at $27.64 and 21,300 shares at $27.65, according to a regulatory filing today with the U.S. Securities and Exchange Commission. He now owns 171,400 shares, and would rank as the third-biggest owner after Bank of America Corp. and RiverNorth Capital Management, according to data compiled by Bloomberg.
Pimco Dynamic Income Fund opened in May and offers distributions of 7.6 percent. The fund’s return to investors, including dividends, is 13.8 percent since inception through yesterday, according to data compiled by Bloomberg. Closed-end funds sell a fixed amount of shares to raise money for investments and trade on an exchange like stocks.
Ivascyn joined Pimco in 1998 and was part of the team that helped the firm weather the U.S. housing meltdown by guiding it largely out of so-called non-agency mortgage-backed securities, or those without an explicit or implicit guarantee from the U.S. government, before the crisis. His Income Fund has returned 17.5 percent this year, compared with 9.1 percent for Pimco’s flagship Total Return Fund run by Bill Gross.
Michael Reid, a spokesman for Pimco, declined to comment on the filing.
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