AFTER star money manager Bill Gross left in 2014, Pacific Investment Management Co (Pimco) seemed destined to fade from prominence and become just one of many firms that dot the US bond-industry landscape. But then Dan Ivascyn, the man tapped to replace Mr Gross, got hot.
Real hot.
Almost no comparable bond fund has matched the return of his Pimco Income Fund over the past three and five years. "It's performed exceptionally well, even shockingly well, over all periods," said Michael Rosen, the chief investment officer for Angeles Investment Advisors, and a Pimco Income Fund client.
The fund returned 10.6 per cent in the past 12 months alone and investor money is now pouring in at a pace unseen by...
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