Metropolitan West Total Return Bond Fund is now the world's largest active bond fund, taking the crown away from PIMCO Total Return Fund, which had seen four years of net outflows, Morningstar data show.
The Metropolitan West Asset Management fund had $79.4 billion in assets under management as of Nov. 30, compared to the PIMCO fund's $78.5 billion, according to Morningstar.
The PIMCO fund, managed by Pacific Investment Management Co., had assets under management of almost $300 billion in mid-2013. While the fund has seen net outflows over the past four years, the pace of net outflows significantly increased after the September 2014 departure of the fund's manager and PIMCO co-founder and chief investment officer, William H. Gross.
Mr. Gross joined Janus Capital Group, where he is portfolio manager for several funds and total return separate accounts.
While the PIMCO fund had $3.7 billion in net outflows between Aug. 1 and Oct. 31, the latest date Morningstar has information on flows for both funds, the Metropolitan West fund had net inflows of $2.7 billion during the same period.
Doug Morris, a spokesman for MetWest parent company TCW Group, said the money manager would have no comment.
A PIMCO spokeswoman did not immediately respond to an e-mail seeking comment
