Gross Succeeds in Running Biggest Fund in History
December 24, 2009
Besides being one of the most famous and successful fund managers in the history of the mutual fund business, Bill Gross reached another historic milestone on Dec. 17, when the PIMCO Total Return Fund he runs topped $202.5 billion in assets—making it the biggest mutual fund ever.
Driving this growth was $47 billion in inflows year-to-date through the end of November—more than any other mutual fund attracted in that time. Investors gravitated to the fund’s stellar returns of 4.8% in downtrodden 2008 and an average 6.9% over the past five years, beating 99% of all fixed income funds.
“Our goal was never to be the biggest, but, rather, to be the best,” said Gross, co-CIO of PIMCO. Total Return now surpasses sister fund Growth Fund of America, which topped $202.3 billion in 2007.
For more information on related topics, visit the following:
