Pimco’s $237bn total return fund, managed by Bill Gross, has cut its holdings of US government-related paper to zero for the first time in the history of the firm’s flagship investment vehicle.
Known as the “bond king”, Mr Gross has a high media profile and writes about the outlook for bonds and other markets.
He famously predicted that the Dow Jones Industrial Average would drop to 5,000 in 2002. In 2007, when bond yields were rising, Mr Gross predicted that housing would lead the economy into recession.
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