(Bloomberg) -- Pacific Investment Management Co. may have begun to unwind some of Bill Gross’s market bets, according to changes in holdings data from the world’s largest bond mutual fund.

The $202 billion Total Return Fund managed by Gross until his Sept. 26 departure cut the proportion of government-related debt to 38% in September from 41% the previous month, data posted on Newport Beach, California-based Pimco’s website showed. The category, which is the largest portion of the fund, includes holdings of U.S. Treasury notes, bonds, agency debt, interest-rate swaps and inflation-protected securities. Pimco doesn’t comment on monthly holding changes.

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