Gross Says ‘No Regrets’ Over Missing Short-Term Bond Rally
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Bill Gross, manager of the world’s biggest bond fund, is proving once again that he’s willing to suffer short-term pain for long-term gain.
The billionaire investor and co-chief investment officer of Newport Beach, California-based Pacific Investment Management Co. has seen his flagship Total Return Fund gain 2.52 percent since eliminating U.S. government debt from his holdings in February, and betting against the securities, forgoing an additional 3.1 percent in Treasury returns in the last three months, according to data compiled by Bloomberg. The fund beat just 55 percent of its peers in the past month, the data show.