Last year was a time of change and controversy for Bill Gross: His unplanned exit from Pacific Investment Management Co. in September, a whisper campaign before the palace coup, a new job at Janus Capital.
Amid all this, Gross is most upset about one thing: Despite 40 years at the top of the fixed-income world, he believes his recent track record has been misunderstood or misrepresented.
After we published a column last year on his compensation at Pimco, he wrote me to complain that his performance numbers were much better than reported, especially for Pimco’s flagship Total Return Fund (PTTRX), the world’s biggest bond fund.
He wanted to know if Bloomberg was willing to look into the data and “set the record straight.” Since we splashed his 2013 bonus of $290 million all over the Internet, it seemed only fair to do so.
Hence, today’s column deals with three things: Total Return Fund’s performance during the past few years, the performance of the five closed-end funds Gross managed at Pimco, and the strength of Pimco as an asset gatherer, driven in large part by Gross, particularly since 2011.