votes of confidence

  • 07 May 2014 at 2:44 PM

Someone Still Believes In Bill Gross

Pacific Investment Management Co. and co-founder Bill Gross got a vote of confidence from owner Allianz as the fund company struggles with subpar investment performance and investor defections. “Pimco is still one of the most successful firms in the market,” Jay Ralph, the Allianz management board member who oversees Pimco, said in an interview on Tuesday…Total Return has seen $55.3 billion in net redemptions since May 2013, more than most U.S. mutual funds hold in assets. Mr. Gross’s performance also has faltered: the fund returned 0.74% in April, while its benchmark, the Barclays U.S. Aggregate Bond Index, returned 0.84%. [WSJ]

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JPMorgan disclosed on May 10 that it had a $2 billion trading loss because of riskier-than-expected credit securities. Omega sold about two-thirds of its position the next day, taking a loss: The shares tumbled 9 percent on May 11, closing at $36.96. They traded at $36.78 yesterday. At Omega’s staff meeting in May, one of the portfolio managers suggests that JPMorgan shares may now be ridiculously cheap. Cooperman launches into a tirade about how Dimon has been unfairly pilloried by Representative Barney Frank and other critics. “I’m incensed by some of the sh– you’re reading,” Cooperman tells his managers. He says he’ll hold on to his remaining shares as a vote of confidence in Dimon. [Bloomberg Markets]