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Pimco Has a Manager Who Tops Dan Ivascyn. His Name? Dan Ivascyn

  • Ivascyn’s closed-end pool almost triples gain of Income Fund
  • Smaller fund benefits from leverage plus less-liquid holdings
Daniel Ivascyn

Daniel Ivascyn

Photographer: Misha Friedman/Bloomberg

Investors in Daniel Ivascyn’s Pimco Income Fund have enjoyed stellar returns. Those who put money in his much smaller closed-end fund have gotten those gains on steroids.

The $1.4 billion Pimco Dynamic Income Fund returned 17 percent this year through July, compared with 5.9 percent for the $88.9 billion Pimco Income Fund. Over the past five years the closed-end fund rose an annualized 18 percent, versus 7.8 percent for Pimco Income, the largest actively managed U.S. bond fund.