It's a startling turnaround for Pimco. The company ousted founder and legendary bond investor Bill Gross in September in a move that was a bombshell in the investing world. The Total Return Fund had over $220 billion in assets before he left.
In Pimco's statement at the time, CEO Douglas Hodge referred to "fundamental differences" between Gross and company management.
The firm was already struggling with investors pulling their money last year, and Gross' sudden departure only exacerbated that trend. In April alone, the actively managed fund lost over $5.5 billion in assets despite the fund beating its benchmark so far this year.