Bill Gross's Pimco Total Return Fund, the world's largest mutual fund, absorbed a record $9.9 billion in net redemptions last month as investors fled bonds in anticipation of the Federal Reserve scaling back its purchases.
Pacific Investment Management Co., the Newport Beach, California-based firm that runs the fund, provided the preliminary estimate to Morningstar Inc., the Chicago-based research firm said today in an e-mailed statement. The withdrawals left the fund with $268 billion in assets at the end of June, Morningstar said.
"Money really came out of core bond funds in June," Michael Rawson, an analyst with Morningstar said in a telephone interview. "The market reacted to the Fed."
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