April 9, 2014 / 10:15 PM / in 4 years

Pimco Total Return cuts mortgage, US gov't holdings in March - website

NEW YORK, April 9 (Reuters) - The Pimco Total Return Fund, the world’s largest bond fund, cut its holdings of U.S. government-related securities and mortgages in March, data from the firm’s website showed on Wednesday.

The fund, which has $232 billion in assets and is managed by Pimco co-founder and chief investment officer Bill Gross, cut its holdings of U.S. government-related securities to 41 percent in March from 43 percent in February, and cut its mortgage holdings to 23 percent in March from 29 percent in February.

The fund also increased its U.S. credit holdings to 10 percent in March from 9 percent the previous month, increased its non-U.S. developed market holdings to 10 percent from 9 percent in February, and increased its holdings of “other” securities to 5 percent from 4 percent in February.

The fund increased its effective duration to 4.97 years in March from 4.71 years the previous month, and showed 5 percent exposure to money market and net cash equivalents, compared to zero percent in February.

Pacific Investment Management Co, a unit of European financial services company Allianz SE, had $1.91 trillion in assets as of Dec. 31, according to the firm’s website. (Reporting by Sam Forgione; Editing by Diane Craft)

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