(Adds Pimco declined to comment)
By Jennifer Ablan
NEW YORK Dec 7 Investors pulled $2 billion of
net cash from the Pimco Total Return Fund, once the world's
largest bond fund, in November, bringing year-to-date total cash
withdrawals to $12.9 billion, Morningstar said on Wednesday.
The Pimco Income Fund, widely seen by investors and analysts
as Pimco's new flagship fund, posted net inflows of $661 million
last month, for a year-to-date total cash inflow of $12.1
billion, Morningstar data showed.
"Pimco Total Return Fund is lagging its Lipper peers in 2016
and is below average on a three-year basis," said Todd
Rosenbluth, director of ETF & Mutual Fund Research at CFRA. "In
contrast, Pimco Income Fund is outperforming its own peer group
in both periods."
Pimco Total Return, which hit a peak of $292.9 billion in
assets under management in April 2013, now has assets under
management of $78.5 billion. Pimco Income Fund, which is
overseen by Dan Ivascyn, now has assets under management of
$68.15 billion, Morningstar data show.
So far this year, the Pimco Total Return Fund has posted
returns of 2.18 percent, lagging 74 percent of its
intermediate-term peer category, according to Morningstar data.
For the same period, the Pimco Income Fund has posted returns of
7.86 percent, surpassing 68 percent of its multisector bond
category, Morningstar added.
Pimco declined to comment on the Morningstar data.
Pimco, a unit of German insurer Allianz SE, is
based in Newport Beach, California, with more than $1.55
trillion in assets under management as of Sept. 30.
Like BlackRock Inc and Janus Capital Group Inc
, Pimco adds dividend reinvestments into its inflow
figures. Research organizations such as Morningstar and the
Investment Company Institute, along with many fund managers,
including Vanguard, Fidelity and DoubleLine, exclude
reinvestments and treat only fund share purchases as inflows.
(Reporting By Jennifer Ablan; Editing by Bill Trott and