Bill Gross has failed to stem the bleeding in his massive bond
fund.
Investors pulled $4.5 billion from Mr. Gross's Pimco Total
Return Fund in June, marking the 14th consecutive month of
outflows. The exodus continued even as the fund's return has
outpaced many rivals during the second quarter.
June's outflow represents 2% of its assets at the end of May and
marks the biggest monthly outflow for the fund since September
2013, according to fund tracker Morningstar.
Assets in the flagship bond fund at Pacific Investment
Management Co. fell to $225.2 billion at the end of June, compared
with $228.9 billion a month earlier. Asset numbers also take into
account performance of the fund, while flow numbers don't.
The fund remains the world's biggest bond fund by assets. Mr.
Gross is co-founder and chief investment officer at Pimco which
manages $1.94 trillion global assets as part of Germany's Allianz
SE.
Many investors remain cautious over the Newport Beach, Calif.,
money manager following a turbulent shake-up of top management in
the first quarter along with lagging fund performance and record
outflows in 2013.
Write to Min Zeng at min.zeng@wsj.com and Kirsten Grind at
kirsten.grind@wsj.com
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