Gross fund netted $58 million in April

Gross fund netted $58 million in April
Former bond king's fund at Janus Capital Group attracted a big chunk of new investor money in April, before the fund was hit by a selloff in bonds.
MAY 12, 2015
By  Bloomberg
Bill Gross's bond fund at Janus Capital Group Inc. attracted an estimated $57.7 million in new investor money in April, before the fund was hit by a selloff in bonds. The subscriptions followed deposits of $6.8 million in March, and brought assets in the Janus Global Unconstrained Bond Fund to $1.52 billion, according to data compiled by Bloomberg. (More: Gross says 35-year bull market coming to an end) The fund was beating peers in March and did well through most of April, until European bonds slumped in the final days of the month. Mr. Gross, who had been betting that the debt would trade in narrow range as long as the European Central Bank was buying assets, was hit when volatility surged. Mr. Gross co-founded Newport Beach, Calif.-based Pacific Investment Management Co. in 1971, and jumped to Janus last year after losing a power struggle at the firm he helped build into a $2 trillion money manager at its peak. BEATS MOST PEERS The 71-year-old has said he has “two, three, four years” to prove himself at Denver-based Janus, and says he's investing to “show clients and the world” that he can still win. His fund beat 57% of competitors from Oct. 6, when he took over, through May 1, according to Morningstar Inc. Mr. Gross and his family owned more than half of the fund as of Dec. 31, according to a filing with the U.S. Securities and Exchange Commission. Mr. Gross has said that the smaller fund size at Janus allows him to be more nimble in markets than when he ran the behemoth Pimco Total Return Fund, which reached $293 billion in April 2013.

Latest News

A welcome mat into financial planning
A welcome mat into financial planning

The pandemic hit and internships were in chaos but Hannah Moore saw an opportunity.

RIAs need to visit universities to attract students
RIAs need to visit universities to attract students

RIAs need to find universities that offer financial planning programs and sponsor or host events, advisor suggests.

Orion deepens Capital Group alliance with ETF portfolio tie-up
Orion deepens Capital Group alliance with ETF portfolio tie-up

The leading wealth tech provider is helping more advisors access active ETF models through its exclusive partnership.

JPMorgan client who lost $50M amid dementia battle denied trial
JPMorgan client who lost $50M amid dementia battle denied trial

Case of once-wealthy family highlights risks, raises questions on firms' duties to sophisticated investors suffering cognitive decline.

Stifel loses huge $14.2 million arbitration claim linked to star Miami broker
Stifel loses huge $14.2 million arbitration claim linked to star Miami broker

“The evidence in this case was overwhelming,” says an attorney.

SPONSORED Leading through innovation – with Tom Ruggie of Destiny Wealth Partners

Uncover the key initiatives behind Destiny Wealth Partners’ success and how it became one of the fastest growing fee-only RIAs.

SPONSORED Client engagement strategies, growth and retention in the down markets

Key insights from Gabriel Garcia on adapting to demographic shifts and enhancing client experience in a changing market