(Reuters) - The DoubleLine Total Return Fund, which is overseen by high-profile investor Jeffrey Gundlach, had inflows totaling $263.8 million in March and $211 million in the first quarter, DoubleLine Capital said on Wednesday.
Los Angeles-based DoubleLine Capital saw $441.2 million of net inflows into all of its open-end mutual funds in March and $486.7 million in the first quarter.
DoubleLine Total Return produced gains of 2.396 percent in the first quarter, surpassing 82 percent of its peers, according to Morningstar. But it posted returns of negative 0.138 percent in March, lagging 53 percent of its peers, according to Morningstar.
DoubleLine, which manages approximately $49 billion in assets, could be a beneficiary of pension funds, foundations and endowments reallocating some of their stock exposure into bonds.
In a webcast on January 14, Gundlach said institutional investors were likely to allocate more capital in fixed-income securities after a 26.5 percent gain in the Dow Jones Industrial Average.
“With equity profits in 2013, many pension plans will need to rebalance their portfolios into bonds in 2014 to maintain a 60/40 mix of bonds to equity,” Gundlach said.
Meanwhile, DoubleLine has seen one of its bigger competitors, Pimco, suffer outflows for the same time period.
Pacific Investment Management Co. has been rattled by a management shakeup and disappointing performance.
Investors pulled $7.3 billion from Pimco’s U.S. open-end mutual funds in March, the 10th straight month of outflows for the Newport Beach, Calif. firm, according to Morningstar data on Wednesday.
Pimco, overseen by Bill Gross, had $15.45 billion of outflows from U.S. open-end mutual funds in the first quarter, Morningstar said.
Pimco, a unit of European financial services company Allianz SE, had $1.91 trillion in assets under management as of December 31, according to the Pimco website.
Reporting by Jennifer Ablan and Sam Forgione; Editing by James Dalgleish and Andrew Hay