MetWest Tops Pimco Total Return as Largest Active Bond Fund
- Assets at Pimco fund have dropped 73% from their peak in 2013
- Investors pulled $4.6 billion from bond funds as rates jumped
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Pimco Total Return Fund, once the world’s largest mutual fund under former manager Bill Gross, is now the second-biggest actively managed bond fund as client withdrawals and investment losses reduced holdings.
The Pacific Investment Management Co. fund fell to $78.5 billion in assets as of Nov. 30 after it lost 2.6 percent during the month and investors pulled about $2 billion, according to Bloomberg estimates. Pimco Total Return has shrunk 73 percent from its peak in April 2013. The Metropolitan West Total Return Bond Fund, which is run by three former Pimco managers, is now No. 1 with $79.4 billion as of Dec. 2.