Gross Cut Government Debt in August as Treasuries Rallied
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Bill Gross reduced Treasuries and government-related debt in his flagship fund during August as slowing European growth and turmoil in Ukraine drove investors to U.S. government securities.
The proportion of U.S. government-related debt in Pacific Investment Management Co.’s $222 billion Total Return Fund was 41 percent, versus 45 percent in July, data posted yesterday on the company’s website showed. That compared with 50 percent in May, the highest level since July 2010.