Friday, 4 September 2015
Last updated 8 hours ago
Aug 31 2011 | 2:43pm ET
Mutual fund giant Pacific Investment Management Co. has launched a hedge fund-like product investing in the firm's specialty, bonds.
Newport Beach, Calif.-based PIMCo styles its new Credit Absolute Return Fund a "go-anywhere" strategy that will employ some tactics favored by hedge funds but generally shunned by mutual funds. PIMCo said that global head of corporate bond portfolios Mark Kiesel will manage the fund.
"This strategy can pivot in order to help achieve the absolute return objective," he said. "For example, this strategy can take on greater exposure to credit when spreads are attractive and, conversely, reduce overall exposure when necessary and instead focus on relative value between credit sectors."
Credit Absolute Return is not PIMCo's first hedge fund-like mutual fund: It's Unconstrained Bond Fund has more than $17 billion in assets under management.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…