基金产业：PIMCO总回报债券基金流动企稳，葛罗斯离职影响逐渐远离
路透纽约7月2日 - 投资人6月自投资管理公司(PIMCO)旗下旗舰基金撤走30亿，5月流出为27亿美元，这进一步反映出，PIMCO正从去年秋季明星经理人葛罗斯的离职影响中恢复，目前逐步趋於稳定。
根据该基金的数据，PIMCO旗下总回报债券基金 (PTTRX.O) 在4月流出56亿美元，3月有73亿美元。该基金所管理的资产从2013年4月高峰时的2,930亿美元骤减至1,028亿美元。
根据Pimco周四在网站上公布的数据，由该公司投资总监(CIO)伊凡申所管理的Pimco Income Fund，6月有流入资金约17亿美元。
Pimco执行长Douglas Hodge上周表示，“我们承认，Pimco过去18个月所发生的管理层结构变动，引发了变化并让客户产生不确定性和疑虑。”
Hodge称，但拜稳定的绩效所赐，这些不安情绪已经消退，并导致更好的资金流动模式。
Pimco管理的资产为1.59万亿美元，仍是最具影响力的固定收益管理公司之一。(完)
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U.S. News evaluated 293 Intermediate-Term Bond Funds. Our list highlights the top-rated funds for long-term investors based on the ratings of leading fund industry researchers.
Investors who follow news developments in the world of high finance will recall that this bond fund grabbed headlines in late 2014 as longtime manager Bill Gross abruptly left PIMCO for Janus Capital Group.
There was a flurry of withdrawals in the months following Gross’ departure. In total, the fund suffered more than $150 billion in outflows in 2014. However, the new managers, PIMCO veterans Mark Kiesel, Scott Mather and Mihir Worah, appear to have stabilized the ship.
The fund’s mandate and selection processes haven’t changed. Managers use bottom-up analysis, along with wider economic forecasting, to determine fund holdings. The fund’s objective is to use prudent management to generate maximum total return from a fixed-income portfolio, while also preserving capital. The fund emphasizes higher-quality, intermediate-term bonds. By being more globally diversified than other core bond funds, it aims to avoid risks associated with being too concentrated in a small number of asset classes. As of February 03, 2016, the fund has assets totaling almost $89.86 billion invested in 9,228 different holdings. Its portfolio consists primarily of government bonds and mortgage-backed securities. The fund also holds corporate and high-yield bonds, and managers may invest in forwards or derivatives, such as futures contracts or swap agreements. &The PIMCO Total Return Fund is a behemoth, with more than $117 billion in assets. However, what was once the largest bond fund has been overtaken in size by the Vanguard Total Bond Market Index Fund.&In addition to its size, the fund attracted attention due to its history of outperforming its benchmark, the Barclays U.S.&aggregate index, which tracks investment-grade U.S. bonds.&Gross’ departure resulted in an avalanche of outflows, but the rush to the exits actually began in 2013 following subpar performance. In addition, investors lost some confidence in the firm after the resignation of former co-chief investment officer&Mohamed El-Erian. He remains chief economic advisor at PIMCO’s parent company, Allianz.
In February 2015, top fund contributors were holdings of Treasury Inflation-Protected Securities, tactical exposure to high-yield securities, dollar-denominated emerging market exposures and municipal bond holdings. The greatest detractors were a large position in intermediate U.S. maturities and tactical exposure to some local Mexican bonds. Over the years, the fund has shown greater volatility than its benchmark. However, the risk-reward trade-off has paid off, as the fund has also delivered a higher return.&The fund has returned -1.25 percent over the past year and 1.17 percent over the past three years.&The fund has returned 3.27 percent over the past five years and 5.41 percent over the past decade.Since September 2014, PIMCO has worked hard to dispel the “star manager” image it contributed in creating. Although Gross had been at the helm since the fund’s 1987 inception, the new management team has emphasized that PIMCO’s deep bench contributed to the outperformance. “I think it’s important to highlight that all three of us have already been part of the Total Return investment process for many years,” Kiesel&stated in a September 2014 FAQ sheet. “The fact is that no one individual could possibly know the ins and outs of every corner of the bond market. As with every other generalist portfolio manager at PIMCO, Bill Gross relied on us – along with the firm’s 240 other portfolio managers – for help in generating the trade ideas that have driven the strategy’s strong historical performance.”
Investment Strategy
The fund seeks maximum total return, consistent with preservation of
capital and prudent investment management. Managers seek to invest at least 65 percent of fund assets in a diversified portfolio of fixed-income instruments of varying maturities.
Role in Portfolio
Morningstar considers the fund a "core" holding.
Management
In addition to naming the new team of Kiesel, Worah and Mather, PIMCO appointed Dan Ivascyn to be Gross’ successor as the group chief investment officer. Ivascyn, who joined PIMCO in 1998, was Morningstar’s 2013 Fixed-Income Fund Manager of the Year. Kiesel won that same honor in 2012. He joined PIMCO in 1996. He&also serves as CIO of global credit and as a member of the firm’s investment committee. Worah also manages the PIMCO Real Return Fund and is PIMCO’s chief investment officer for real return and asset allocation. He has been with the firm since 2001. Mather is CIO for U.S. core strategies and a member of the firm’s investment committee. He joined PIMCO in 1998, previously serving as a fixed-income trader specializing in mortgage-backed securities at Goldman Sachs.
Performance
The fund has returned -1.25 percent over the past year, 1.17 percent over the past three years, 3.27 percent over the past five years, and 5.41 percent over the past decade.
PIMCO Total Return Fund has an expense ratio of 0.85 percent.
All bond investing has risks, including interest-rate, issuer, credit and inflation risk. Because the fund holds various types of fixed-income instruments, such as mortgage-backed bonds, foreign bonds, high-yield bonds and derivatives, investors face the risks inherent in each of those separate asset classes.
Fund Opinions
The fund's Value Line Overall Rank, a measure of risk-adjusted performance and relative growth in fund returns, is 3 on a scale of 1 to 5, with 1 being the best and 5 the worst.
The fund's Value Line Growth Persistence rank, which awards funds that consistently outperform their broad universes, is 3 for one year, 3 for five years, and 3 for 10 years. Scores are on a 1 to 5 scale, with 1 being the best and 5 the worst.
The fund's Value Line Risk Rank, a measure of volatility, is 3 on a scale of 1 to 5, with 1 being the least volatile and 5 the most.
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