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Last year was an ugly one for Bill Gross. He suffered the indignity of having a passively-managed stock fund wrest the title of “World’s Largest Mutual Fund” from him. He posted his first annual loss in 14 years. And his ungrateful clients broke the record for most investors getting the hell out of a mutual fund in a calendar year.
A tumultuous past year for the world’s largest bond fund got a little rougher, as investors in Pimco Total Return Fund pulled out a net $41.1 billion in 2013, a mutual-fund industry record.
Client redemptions at the fund, run by Pacific Investment Management Co. co-Chief Investment Officer Bill Gross, broke the previous record of $33 billion in 2011 set by the Growth Fund of America stock fund run by American Funds, according to Morningstar Inc. data going back to 1993….
Investors withdrew a net $31.1 billion in 2013 from Pimco’s U.S.-listed mutual funds, according to research firm Morningstar. Net inflows into the company’s stock funds and some nontraditional bond funds last year partly offset the redemptions at Pimco Total Return Fund. It was the first annual outflow for Pimco’s U.S.-listed mutual funds since 1993 when Morningstar started reporting fund flows.