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Net Net: Promoting innovation and managing change

Bill Gross Janus fund doing well, but still seeing outflows

Bill Gross discussion has 'subsided': Allianz CFO
Bill Gross discussion has 'subsided': Allianz CFO

Investors continue to pull money out of Bill Gross' new bond fund, though the exodus slowed somewhat in July.

Despite comparatively strong performance against its peers, the Janus Global Unconstrained Bond Fund saw $2.4 million in outflows for the month, bringing its total assets to $1.47 billion, according to data Morningstar released Tuesday.

As a percentage of total assets, the monthly outflows amount to less than two-tenths of a percent—essentially a rounding error—but are part of a recent pattern of flight from the fund. Gross started the Janus offering after his highly publicized departure from Pimco in September 2014.

The fund has surrendered $53.2 million over the past three months, thanks in large part to $39.1 million in June redemptions. Year to date, it has pulled in about $77.5 million, according to Morningstar. The fund's size pales in comparison to the one Gross ran at his old firm, the Pimco Total Return, which once boasted $292.6 billion in assets and was the largest in the world.

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Since the departure of Gross and former Pimco CEO Mohamed El-Erian, Total Return has lost its No. 1 standing, with its assets slumping to $101 billion.

Performance-wise, the new Gross fund is holding its own, up 1.73 percent in total return year to date and, interestingly, 2 percent in the three-month time frame of high outflows, during which it has ranked in the top percentile compared to its peers, according to Morningstar.

Bond funds in general have struggled in 2015, with the Barclays U.S. Aggregate Bond index up just 0.4 percent year to date. By comparison, the stock market index has gained 1.25 percent, though the Dow Jones industrial average is off 2.3 percent.

Janus officials declined comment for this report.