(Bloomberg) -- PimcoUnconstrained Bond Fund, one of the firm’s most important offerings as clients turn away from traditional fixed-income products, overhauled its investments in the fourth quarter, when Bill Gross replaced Chris Dialynas as manager of the $25.6 billion fund.

The fund jettisoned 30-year Treasuries and most of its agency mortgage bonds, increased a wager on corporate debt through credit-default swaps, and ended bets that the U.S. dollar would appreciate against the Chinese yuan, according to data on Pacific Investment Management Co.’s website. The effective duration, a measure of sensitivity to interest rate changes, more than doubled in December, when Gross assumed control of the unconstrained fund.

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