(Bloomberg) -- Pimco Total Return Fund, once the world's largest mutual fund under former manager Bill Gross, is now the second-biggest actively managed bond fund as client withdrawals and investment losses reduced holdings.

The Pimco fund fell to $78.5 billion in assets as of Nov. 30 after it lost 2.6% during the month and investors pulled about $2 billion, according to Bloomberg estimates. Pimco Total Return has shrunk 73% from its peak in April 2013. The Metropolitan West Total Return Bond Fund, which is run by three former Pimco managers, is now No. 1 with $79.4 billion as of Dec. 2.

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