Gross' Janus fund drew $175 million in December

Big drop from prior month but the unconstrained bond fund nears $1.4 billion in total assets

Jan 9, 2015 @ 11:31 am

By Bloomberg News

Investors added an estimated $175 million to Bill Gross's fund at Janus Capital Group Inc. (JNS) in December, his third full month as manager.

The Janus Global Unconstrained Bond Fund (JUCIX), which Mr. Gross has run since Oct. 6, expanded to $1.38 billion in assets as of Dec. 31, from $1.2 billion through Nov. 28, according to data compiled by Bloomberg. The fund had $13 million before Gross joined Janus.

(More: Janus sees Gross as a 'game changer')

Janus, struggling to reverse years of investor defections, is relying on Gross to help stem redemptions. The majority of money gathered by Mr. Gross's new fund came from the same Morgan Stanley brokerage where his personal financial adviser works, according to the Wall Street Journal. The wealth-management office in La Jolla, Calif., routed about $700 million to Mr. Gross's fund in October and November, the newspaper said, citing confidential brokerage data viewed by executives. The report didn't say how much of the money came from Mr. Gross himself.

(More: Gross: Bring on the competition)

Mr. Gross ran the world's biggest bond fund, the $143.4 billion Pimco Total Return Fund (PTTRX), at Pacific Investment Management Co., the $1.87 trillion firm he co-founded in 1971, before abruptly departing for Denver-based Janus on Sept. 26.

The Janus Unconstrained fund lost 1.1% in the month ended Dec. 31, according to data compiled by Bloomberg.

Bloomberg estimated investor subscriptions for the Janus fund (JANSX) by computing the change in assets over the month that isn't accounted for by performance. The number may vary from actual figures and from estimates compiled by other data providers.


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