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Friday, December 17, 2010

Bill Gross Eyes Equities

News summary by MFWire's editors

The Pimco Total Return Fund [see profile] is reportedly expanding its investment mandate to include equities as opportunities continue to dwindle in the bond market, the Wall Street Journal reports.

The fund, which reportedly held 43 percent of its assets in mortgage securities and 30 percent in government-related holdings as of Nov. 30, will look to bet as much as 10 percent of its assets in preferred stock, convertible securities and other equity-related holdings in the second quarter of 2011, according to regulatory filings.

The fund experienced redemptions to the tune of $1.9 billion last month after seein inflows of some $18 billion in the first 10 months of the year.

In an investment commentary published last month, PIMCO's chef Bill Gross wrote that the Federal Reserve's bond-buying program "will likely signify the end of a great 30-year bull market in bonds and the necessity for bond managers and, yes, equity managers to adjust to a new environment."

Other bond managers such as Loomis Sayles & Co.' [see profile] Daniel Fuss have also reportedly tweaked their mandates to include equities. Fuss' Managers Fixed Income Fund is currently allocating some 20 percent of its assets to equity securities, including common stock.

The firm yesterday also unveiled its Absolute Strategies fund, a bond fund that can go short.

Bloomberg and Reuters also picked up on the fund's expansion into equities.  

Edited by: Hung Tran

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