Two Percent Of (Former) PIMCO Total Return Investors Don't Care That Bill Gross Is Working His Ass Off Over Here

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Bill Gross’s Pimco Total Return Fund had $5 billion in client redemptions last year as the world’s largest mutual fund trailed rivals, its first year of withdrawals in records going back to 1993, according to Morningstar Inc. Clients pulled $1.35 billion from the fund in December, according to Chicago-based research firm Morningstar. Pimco Total Return, managed by Gross out of Newport Beach, California, returned 4.2 percent in 2011, trailing 69 percent of peers, according to data compiled by Bloomberg...In an October letter to clients titled “Mea Culpa,” Gross called 2011 a “stinker” of a year [and swearing he was coming in early and leaving the office late]...Redemptions from Gross’s Total Return fund represent about 2 percent of the fund’s $240.7 billion in assets at the end of 2010, Morningstar’s data show. Assets rose to about $244 billion at the end of last year, according to the data. Investors pulled money from Pimco Total Return in 2011 even as taxable bond funds attracted $121 billion in deposits last year through Nov. 30, according to Morningstar. [Bloomberg, earlier]

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