Two months ago, Bill Gross suffered the steepest loss in his Janus Henderson Global Unconstrained Bond Fund since its inception in 2014. I wrote about how he seemed positioned against his own advice, betting big that interest rates would soar. The New York Times declared that he was “having a year to forget.”
Gross promised to make up his losses quickly, calling that coverage ridiculous. And the fund did bounce back, but not quite to its previous, already depressed level. After that brief reprieve, the losses started to pile up again — so much so that its net asset value touched the lowest on record last week.