The turbulent second quarter left a big scar on bond king Bill Gross: a record quarterly loss for his bond fund and clients fleeing in droves.
Investors yanked nearly $10 billion in June out of Pacific Investment Management Co.'s $268 billion Total Return Bond Fund (PTTRX) run by Mr. Gross, according to fund tracker Morningstar. The outflow was the biggest cash outflow from the world's biggest bond fund since Morningstar started tracking the fund's flow in 1993.
The outflow came as Mr. Gross's bond fund handed investors a loss of 3.6% in total return basis for the second quarter of the year, the biggest quarterly loss since its inception in 1987, according to data from fund trackers Morningstar and Lipper.
