According to recent SEC filings, Bill Gross of Pimco invested about $4.4 Million of his personal family money in five Pimco municipal bond closed-end funds in just three days last week. There is a small time delay in SEC filings, and it is quite possible that Gross has continued to buy more this week.
PMX Pimco Municipal Income Fund III
PCQ Pimco California Municipal Income Fund
PCK Pimco California Muni Income Fund II
PZC Pimco California Muni Income Fund III
PMF Pimco Municipal Income Fund
If you look at the time and sales for these muni closed-end funds, you will find a large number of small lot trades, which normally means heavy retail participation. I wonder if the retail sellers or their brokers would have sold their shares if they knew that the buyer on the other side was Bill Gross.
Here is a list of the recent Bill Gross purchases from SEC Edgar:
Full Disclosure: No position in the above funds.