Gross's Fund Rebounds After Record Loss Tied to Italy Crisis
Bill Gross is bouncing back.
(Bloomberg) -- Bill Gross is bouncing back.
Gross’s Janus Henderson Global Unconstrained Bond Fund, which last week suffered the worst one-day loss in its four-year history as turmoil in Italy roiled markets, snapped back Thursday.
The gain was 1.7 percent, the largest jump since the go-anywhere fund was created in May 2014, according to data compiled by Bloomberg. The advances of the past two trading days were by far the biggest Gross has managed this year and brought the fund’s net asset value, or share price, almost back to where it was before the plunge.
Even so, the $1.7 billion fund is down 3.9 percent in 2018 through June 7, trailing 94 percent of rivals. Gross, in a June 1 interview on Bloomberg Television, blamed the 3 percent May 29 loss on the widening gap between U.S. and German bond yields triggered by the political crisis in Italy.
Erin Passan, a spokeswoman for Janus Henderson Group Plc, declined to comment on Gross’s performance.
To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Josh Friedman, Dan Reichl
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