Pimco Unconstrained Bond Fund and other “go-anywhere” bond funds created during the 2008 credit crisis went mostly to the wrong places in 2011 after missing a rally in Treasuries and buying riskier assets that lost ground.
Bill Gross overhauled the Pimco Unconstrained Bond Fund after replacing Chris Dialynas as manager, taking control of Pacific Investment Management Co.’s best-selling alternative to traditional fixed income.
Pioneer Investments’ High Income Municipal Fund, the best-performer among its peers in 2010, plunged after increasing its American Airlines-related airport debt 64 percent this year, before AMR Corp. sought court protection this week.
John Hague , who helped Bill Gross build Pacific Investment Management Co. into the manager of the biggest mutual fund, is recruiting former colleagues for a firm to pursue more aggressive strategies as the bond rally fizzles.
Bill Gross , who runs the world’s biggest mutual fund , takes a seat in a conference room and makes a confession. Overlooking the ocean at the headquarters of Pacific Investment Management Co., Gross describes missteps that doomed his bond firm’s experiment with equities in the mid- 1980s.