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Pimco's Bill Gross Says the Bond Rally Is Over

Bill Gross, co-chief investment officer of Pacific Investment Management Co.
Bill Gross, co-chief investment officer of Pacific Investment Management Co.Photograph by Scott Eells/Bloomberg

When you think about it, bond behemoth Pacific Investment Management is essentially central bank-like in its influence. Pimco manages $2 trillion in assets and runs the $293 billion Total Return Fund. So when its chief and founder, Bill Gross, takes up the holdings of tiny-yielding U.S. Treasuries in that fund to their highest level in nearly three years—during risk-on fever in global debt and equity capital markets—you have to take note.

The proportion of U.S. government securities in the Total Return Fund hit 39 percent in April, from 33 percent in March, according to Pimco’s website.