Pacific Investment Management Co.’s Total Return Fund increased its holdings of U.S. government debt to the highest in 18 months just as investors including Jeffrey Gundlach and Bill Gross turn cautious.
Treasuries and related securities accounted for 39.7 percent of the fund’s assets in June, up from 36.4 percent in May, according to data on the company’s website. The holdings are the largest since December 2014, the figures show. Total Return, based in Newport Beach, California, is the world’s biggest actively run bond fund, with $86.4 billion in assets.
