By Kirsten Grind
Pacific Investment Management Co.'s flagship Total Return fund
ceded its title as largest bond mutual fund to rival Vanguard
Group, according to April data released by both companies.
The new king is the Vanguard Total Bond Market Index fund, which
had $117.3 billion in assets at the end of last month as compared
with $110.4 billion for the Total Return, according to the
companies.
Investor flight triggered by the abrupt departure last fall of
Total Return manager Bill Gross allowed Vanguard to surpass its
rival and end a 17-year reign for Pimco's flagship fund.
Clients pulled a net $5.6 billion from the Total Return fund in
April, the 24th consecutive month of withdrawals. The fund is now
down about 62% from its peak of $293 billion in April 2013.
The withdrawal from the Pimco Total Return fund in April is the
smallest monthly amount since Mr. Gross left in September.
Write to Kirsten Grind at kirsten.grind@wsj.com
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