PIMCO has shrunk by $37.5 billion in 2013 and has officially lost its top dog mutual fund status, Bloomberg's Charles Stein reports.
With $247.9 billion in assets, Bill Gross's PIMCO lost out to the Vanguard Total Stock Market Index Fund, which ended October with $251 billion. From Bloomberg:
Pimco Total Return, which became the biggest mutual fund in 2008, is on track to have the worst redemptions ever this year, losing $28 billion through Sept. 30 , according to estimates from Morningstar Inc. in Chicago. Investors are pulling money out of traditional fixed-income funds in anticipation that the three- decade rally in bonds is ending, and adding to stock funds, particularly low-cost index funds, as the bull market in U.S. equities is in its fifth year.
PIMCO Total Return was behind 56% of its contemporaries in 2013. It beat 77% of them over the past five years, according to Bloomberg.
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