Bill Gross' departure from PIMCO spurred the largest outflows from taxable bond funds since June 2013, as investors poured $9 billion into long-term mutual funds and ETFs this past September, according to Morningstar's monthly asset flow report.
While actively managed fixed-income appeared to have taken a massive hit with $18.7 billion in outflows, the reality is that three Pimco funds formerly managed by Gross lost more than $23.3 billion.
Separate the Pimco redemptions and the fund class performed as it has for most of the year, with steady levels of inflows.
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