(Bloomberg) -- Bill Gross’s Pimco Total Return Fund, which lost its title as the world’s largestmutual fund in October, had its seventh straight month of withdrawals in November as investors continued to flee bonds.
Clients pulled an estimated $3.7 billion from Pacific Investment Management Co.’s Total Return Fund last month, leaving the fund with assets of $244 billion at the end of November, Chicago-based research firm Morningstar Inc. said today in an e-mailed statement.
“Even in a rising rate environment, there are opportunities in the bond market for long-term investors who understand the benefits of maintaining a diversified portfolio,” Mark Porterfield, a spokesman for Newport Beach, California-based Pimco, said today in an e-mailed statement. “Fixed income should be a part of a well-balanced investment portfolio.”
