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Fri, Sep. 19, 3:54 PM
- The Long Duration Total Return Bond Fund will have a dollar-weighted average effective duration of at least 10 years and will invest "in debt securities of any kind." Jeff Gundlach - who will be the fund's manager - has said he sees little amiss with interest rates at these low levels, and doesn't expect much of a rise from here.
- In addition to Treasurys, the fund's mandate allows for investments in MBS, CMOs, corporate debt (IG and HY), and overseas paper, among other instruments.
- Broad fixed income ETFs: AGG, BOND, BND, SCHZ, LAG, SAGG, GBF, IUSB
Wed, Sep. 17, 7:55 AM
- A late August filing showed Bill Gross' Total Return Fund (ETF version: BOND) unloaded most of its $4.8B in Treasurys and replaced them with a similar amount of Treasury futures. The futures contracts require less money up front than the outright purchase of Treasurys, freeing up money for Gross to buy spread product - corporates and overseas paper.
- In the year through September 15, Total Return trailed 57% of peers, returning 3.3%.
- Asked about the levering up, Gross says it's a strategy Pimco has used for years. "What it basically means is that Pimco can turn a Treasury yield into a corporate yield with a Treasury quality and Treasury liquidity."
Thu, Sep. 11, 2:54 PM
- "We're comfortable with corporate spreads" at these levels, says Bill Gross. "We're comfortable with interest rates at these levels because of this concept of new neutral" - i.e., Pimco's belief that the Fed will keep rates below their historical averages for a longer-than-expected period.
- With the absolute level of yields so low, Gross suggests juicing returns by levering up - borrowing short to lend long - the way banks do.
- Gross' Total Return Fund (ETF equivalent: BOND) has returned 3.5% this year, lagging 58% of peers.
Wed, Sep. 3, 12:30 PM
- The Pimco Total Return Fund saw $3.9B of outflows in August, according to Morningstar, the 16th straight month of exits, and brining the total pulled during that streak to nearly $70B. Assets under management peaked at nearly $300B in April 2013 and now stand at $221.6B.
- The fund did post a return of 1.1% in August, beating 77% of peers. Year-to-date though, the fund has returned 4.31%, trailing 73% of peers.
- A division of Allianz (OTCPK:ALIZF, OTCQX:AZSEY), Pimco had $1.97T in AUM as of June 30.
- The ETF version of the Total Return Fund (NYSEARCA:BOND) had net inflows of $87M in August, its third straight month of additions and bringing total AUM to $3.6B.
- Competitor DoubleLine Funds' (Gundlach) Total Return Bond Fund had its 7th straight month of inflows, gathering $562M. Its 5.46% return YTD is ahead of the benchmark Aggregate Bond Index's 4.81% gain, and is beating 77% of peers.
Fri, Aug. 29, 10:30 AM| Comment!
Fri, Aug. 8, 4:13 AM
- Bill Gross received the support of his management team at parent company Allianz (OTCQX:AZSEY) this morning, despite the 15th straight month of outflows from his Total Return Fund (NYSEARCA:BOND), which recorded an $830M outflow in July.
- Allianz CFO Dieter Wemmer states that that Gross' fund is still delivering reasonable returns.
- Pimco outflows continues to weigh on Allianz's results despite the German firm posting a 10.5% rise today in second-quarter net profit.
Thu, Jul. 31, 6:35 PM| Comment!
Tue, Jul. 29, 3:11 PM
- "The market is very complacent right now in terms of the valuations," says Matthew Eagan, co-manager of the Loomis Sayles Bond Fund. Along with co-managers Dan Fuss and Elaine Stokes, Eagan has doubled its short-term U.S. and Canadian debt holdings to 27% of AUM - a bet government bond rates are about to move higher.
- "The global economy is strong enough to support the Fed’s decision to continue the taper and eventually raise rates by the middle of 2015," says Eagan. "We want to be prepared for that to happen."
- Eagan's fund has outperformed 98% of its peers over the last five years.
- In today's action - as the FOMC is in day one of its 2-day meeting - the 10-year Treasury yield continues go its own way - off another three basis points to 2.46%. TLT +0.4%, TBT -0.8%
- ETFs: AGG, BOND, BND, SCHZ, LAG, SAGG, GBF, IUSB
Wed, Jul. 2, 10:44 AM
- Bill Gross had a hot hand in June, the Total Return Fund returning 0.37% vs. the benchmark Barclays Aggregate Bond Index return of 0.05%, but investors pulled another $4.5B from the Pimco flagship offering, cutting total AUM to $229B.
- The ETF equivalent BOND also outperformed the AGG during June, and is doing better by 120 basis points YTD.
- Pimco parent: Allianz (AZSEY) is lower by 7% YTD.
Thu, Jun. 12, 9:25 AM
- The quest for yield reaches a new level with London fast food outlet Chilango finding fast demand for its Burrito Bonds, which offer those who invest £10K a free burrito weekly for the life of the debt.
- The company is trying to raise £1M for expansion and hit 32% of its target goal two days after the bond opened. Other than the free lunch, the four-year paper has an 8% coupon.
- ETFs: AGG, BOND, BND, SCHZ, LAG, SAGG, DI, GBF, LDUR, FWDB
Wed, Jun. 11, 2:19 AM
- U.S. government-related holdings in the Pimco Total Return Fund (ETF: BOND) were raised to 50% in May, up from 41% in April. Mortgage holdings were increased to 22%, from 19% the previous month.
- U.S. credit holdings for the fund were lowered to 11% in May from 12% in April, while the ETF displayed -9% money market and net cash exposure, from 5% the previous month.
Tue, Jun. 10, 3:47 PM
- It may not be the top for fixed-income, but "Bond Market Shortfall of $460B Seen Boosting Debt Markets" is the sort of headline you won't see at the bottom. The article from Bloomberg takes note of a JPMorgan analysis expecting debt issued this year to fall $600M from 2013 to $1.8T, while demand increases to $2.26T.
- Globally, bonds have returned 3.7% YTD, their best start to the year since 2003, according to the BAML Global Broad Market Index.
- "Everybody was expecting supply to come down, but maybe it’s coming down sooner” than anticipated, says SEI Investment's Sean Simko. “There’s a shift in sentiment from the beginning of the year when everyone expected rates to move higher.”
- ETFs: AGG, BOND, BND, SCHZ, LAG, SAGG, DI, GBF, RIGS, LDUR, FWDB
Tue, Jun. 3, 2:52 AM
- Investors have pulled an estimated $4.3B (1.9%) out of Pimco's Total Return bond fund (ETF: BOND) in May, contracting the world’s largest fixed income fund to $229B. The company will publish exact numbers in the next few days.
- The May outflow was the worst since last October, and has been the 13th consecutive month of outflows for the fund. Investors seem to have started withdrawing from the fund last spring, when the Fed began preparing the market to expect a tapering of its quantitative easing bond buying program.
- In comparison: The Barclays US Aggregate bond market index is up 3.87% in 2014 so far, Pimco's Total Return fund is up 3.32%.
Mon, Jun. 2, 10:55 AM
- "I don’t expect the consensus to be right, I’m just surprised by how wrong it has been,” says Jim Bianco of bond market forecasts. The continuing rally in fixed-income has many questioning their models, including the FRBNY which last month altered its forecasting gauge to no longer include estimates from professional economists.
- In what sounds suspiciously like curve-fitting, the PhDs' new model now shows the continuing rally in Treasury prices as making perfect sense.
- Turning to the private sector, BofA's head of U.S. rates strategy Priya Misra sys a risk metric she's previously relied on - the gap between the rate on 10-year swaps and yields on Treasurys - hasn't worked since March. "Everyone is short and they are forced to cover," says Misra, throwing years of economics training out the window.
- ETFs: AGG, BOND, BND, SCHZ, LAG, SAGG, GBF
Mon, Jun. 2, 8:28 AM
- The actively managed SPDR DoubleLine Total Return Tactical ETF is looking like a direct competitor to Bill Gross' Total Return ETF (BOND), the largest actively managed ETF (which has gone from $0 to $3.4B in AUM in two years).
- It's not State Street's (STT) first foray into actively managed funds. Earlier this year, SSgA teamed with MFS Investment Management for three others.
Fri, May. 30, 11:15 AM| Comment!
BOND vs. ETF Alternatives
The PIMCO Total Return Exchange-Traded Fund (BOND) is a diversified portfolio of high quality bonds that is actively managed in an effort to maximize return in a risk-controlled framework. BOND invests primarily in investment grade debt securities, and discloses all portfolio holdings on a daily basis. The average portfolio duration normally varies within two years (plus or minus) of the benchmark Barclays Capital U.S. Aggregate Index, and the fund may not use options, futures or swaps. The fund offers a core bond strategy that is designed to capitalize on opportunities across multiple sectors of the fixed income market.
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