Investors were not happy with Bill Gross’s bond fund last month.
The Janus Capital Group fund suffered $13 million in investor outflows in May, Bloomberg reports. The Janus Global Unconstrained Bond Fund now has $1.49 billion in assets under management. In January it was revealed that about half of the assets came from Gross’s own pocket.
March and April saw much better performance than May, and investors put in $6.8 million and $57.7 million in inflows, respectively.
Gross bet big on German debt , calling the bund the “short of a lifetime.” But volatility was out of control, and Gross admitted last month that while his idea was good, the execution was not and his fund suffered as a result.
May was only the second month of redemptions for Gross’s fund since he joined Janus from Pimco in September. In February investors withdrew $18.5 million from the fund.
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