Averitt Express Inc., Cookeville, Tenn., is adding the Metropolitan West Total Return Bond fund as an investment option in its 401(k) plan, replacing PIMCO's Total Return Fund, said George Johnson, executive vice president and chief financial officer.
Mr. Johnson said the change is due to the departure last fall of William H. Gross, co-founder and chief investment officer of Pacific Investment Management Co., and to underperformance the last few quarters.
Mark Porterfield, PIMCO spokesman, said in an e-mail that company officials declined to comment.
The plan is adding the fund, managed by Metropolitan West Asset Management, effective May 28; participants in the PIMCO fund will be automatically mapped to the new fund.
As of Dec. 31, 2013, the latest data available, the Averitt Express Inc. Profit Sharing and 401(k) Plan had $270 million in assets, according to the company's Form 5500 filing. As of that same date, Averitt participants had $13 million in the PIMCO Total Return Fund.