Gross calls time on 30-year offensive strategy

PIMCO's Bill Gross is moving from the offensive to the defensive as he calls time on the ‘total return' strategy he has pursued over the past three decades.

In his latest investment commentary, Gross said "offensively-minded risk takers" have historically dominated headlines, but suggested defensive strategies are now coming of age in an environment of low yields, lower interest rates and central bank intervention. "The offensively oriented investment world we have grown so used to over the past three decades is being stonewalled by a zero bound goal line stand," he said. The manager saw the performance of the $250bn PIMCO Total Return fund suffer last year after his bets against US government-related securities backfired amid a flight to...