$3 billion fund down 14%
Business Insider reports that PIMCO’s ‘flagship hedge fund’ is down more than 14% this year through October.
The story is behind a paywall and cites the Global Credit Opportunity Fund, which manages $3 billion and is a credit strategy fund. It gained 9% last year.
I don’t know why they’re referring to it as the ‘flagship’ fund. $3 billion sounds like a lot and losing $420 million is no joke but that’s a modest amount of money under management by hedge fund standards.
PIMCO itself manages at least two funds with more than $70 billion under management and its total return fund once managed $293 billion. It’s retail-oriented income fund manages $131 billion.