Gundlach's Fund is the Highest AUM Gatherer Among 2010 Launches
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Friday, June 11, 2010

Gundlach's Fund is the Highest AUM Gatherer Among 2010 Launches

Jeff Gundlach's new fund is the most successful mutual fund launch of the year, but it is not the only success. Numbers just out from Morningstar show that Pimco, AQR and Fairholme are also pulling in assets with new mutual funds. The data was released by Morningstar in its May U.S. Mutual Fund and ETF Asset Flows report.

Jeff Gundlach
DoubleLine Capital
Of the 80 non-target date funds launched so far in 2010, DoubleLine Total Return has pulled in $610 million since its early April launch. That puts DoubleLine's fund more than $100 million ahead of the No. 2 new fund -- Pimco EqS Pathfinder, an equity fund which pulled in roughly $500 million over a similar time span. The Pimco fund is PM'd by a pair of former investment professionals who jumped from Franklin Resources' Mutual Series family.

The news must be especially sweet to Gundlach, who founded DoubleLine after leaving TCW last December. At TCW, he was the PM for TCW Total Return, a rival fund to Pimco's flagship Total Return fund PM'd by Bill Gross.

Ranking in third place is AQR Global Equity, which has grown to $350 million in AUM since its start of the year launch. The fund uses an alternatives strategy and is PM'd by Cliff Asness.

Relatively tiny Fairholme appears to have successfully leveraged its success with equities into the fixed-income arena. Fairholme Focused Income has pulled in $249 million AUM since it opened in January. The fund is PM'd by Bruce Berkowitz, who gained renown by adopting a Warren Buffett-like approach at the helm of the Fairholme Fund.

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