Pimco Total Return Fund had best ever day Mon-Gross
NEW YORK, Sept 9 (Reuters) - The world's biggest bond fund, Pimco's Total Return Fund, had its best ever day on Monday relative to its benchmark index as mortgage-backed securities prices rose after the government seized control of mortgage finance agencies Fannie Mae and Freddie Mac.
"Our mortgage overweight and the performance of mortgages on Monday gave the Total Return fund its greatest one day relative performance (compared to our index) in its history," Bill Gross, chief investment officer of Pacific Investment Management Co. told Reuters on Tuesday.
According to fund tracker company Morningstar, the Pimco Total Return Fund's total returns for Monday were 1.32 percent.
Gross manages the $132 billion Pimco Total Return Fund, which is up 5.20 percent this year and is outperforming its benchmark index, the Lehman Aggregate, by 1.74 percent, according to Morningstar. (Reporting by Jennifer Ablan and John Parry; Editing by Tom Hals)
