The world’s largest bond fund sharply cut its exposure to US government-related debt in January, before US bond yields rose this month to their highest level in almost a year.
Pimco’s Total Return Fund, run by Bill Gross, a founder of Pimco, reported that its holdings of US government-related securities fell to 12 per cent in January, from 22 per cent in December.
The proportion of US government-related holdings, which includes US Treasuries, is at the lowest level held by the $239bn fund since January 2009 when it held 15 per cent of its assets in the category.
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