Bill Gross just can’t catch a break. As investors flock to funds designed to make money even if interest rates increase, Gross’s Pacific Investment Management Co. is alone among the biggest bond managers in suffering withdrawals from the strategy.
Bank of New York Mellon Corp., the world’s largest custody bank, will buy back as much as $1.74 billion in stock and boost its quarterly dividend starting in the second quarter after the Federal Reserve approved its capital plans.
When John Bichelmeyer’s mutual fund fell 48 percent in 2008, he decided his portfolio needed an upgrade. The Buffalo Emerging Opportunities Fund would still invest in small companies with the potential to become big ones. What it wouldn’t do is invest in businesses that were burning cash, or in biotechnology firms whose prospects were difficult to gauge, Bloomberg Markets magazine will report in its April issue.
Fidelity Investments’ John Carlson and DoubleLine Capital LP’s Luz Padilla pursue different strategies in their emerging-market debt funds. One thing they have in common is buying bonds denominated in U.S. dollars.
Investors poured more money into bond mutual funds last week than they have since May, before former Federal Reserve Chairman Ben S. Bernanke first signaled the central bank would reduce asset purchases.