Pimco Cuts Government Debt, Boosts Emerging Markets
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Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., reduced holdings of U.S. government-related debt in July as yields tumbled.
The company’s $239.3 billion Total Return Fund’s investment in the debt was cut to 54 percent of assets last month, from 63 percent in June, according to the website of Newport Beach, California-based Pimco. The share of emerging-market debt increased to a record 11 percent, from 10 percent. The fund also boosted mortgage debt to 18 percent, the most since September.