(Bloomberg) -- Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., cut holdings of Treasuries and U.S. government debt in February as turmoil in Ukraine fueled haven demand and investors bet the Federal Reserve will conclude bond purchases this year.

The proportion of the securities in the $236 billion Total Return Fund was 43%, the company’s website showed. That compared with 46% in January, which was the most since at least July, when Pimco revised how it classifies assets. Mortgage debt accounted for 29% in February, the least since July 2011, compared with 36% the previous month.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.