Gross' PIMCO Total Return sees $17bn outflow for year

The world's largest bond fund, run by Bill Gross, has seen outflows of $17bn over the past year - a time when bond funds as an asset class have seen net inflows.

The PIMCO Total Return fund saw outflows of $500m last month, bringing the outflows total to $17bn for the past 12 months. The fund still has $241bn in asserts under management, but the outflows are significant at a time when investors have been flocking to fixed income. Over the same 12-month period bond funds accumulated $105.8bn in new money, according to Reuters. Investors may be spooked by the fund's underperformance this year and exposure to mortgage backed securities. The fund has returned 3.46% year to date, compared to the sector average of 5.87%. This ranks it 163rd ou...