Pimco Dumps Two-Thirds of Its Treasuries Before June Selloff
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The Pimco Total Return Fund, which lost its place as the world’s largest bond fund this year, cut almost two-thirds of its U.S. government debt holdings in May just in time for a June selloff.
Total Return, run by Pacific Investment Management Co., reduced government and related debt to 8.5 percent of assets from 23.4 percent in April, according to the company’s website, amid a second-quarter selloff in Treasuries. Benchmark 10-year yields reached an eight-month high on Wednesday, jumping from 2.12 percent at the end of May.