The Janus Global Unconstrained Bond Fund, managed by William H. Gross, suffered estimated investor withdrawals of $13 million in May, a month when performance faltered.
The redemptions brought assets in the fund to $1.49 billion, according to data compiled by Bloomberg, and followed deposits of $57.7 million in April and $6.8 million in March.
The fund was outperforming peers in March and did well through most of April, until European bonds slumped in the final days of the month. The fund declined 1.69% in May, according to data compiled by Bloomberg.
This is the second month of net redemptions at Mr. Gross' fund since the fund manager joined Janus Capital Group in September. Clients pulled $18.5 million from the fund in February, according to Morningstar estimates.
Bloomberg estimated investor subscriptions for the Janus fund by computing the change in assets over the month that isn't accounted for by performance. The number might vary from actual figures and from estimates compiled by other data providers.