Salient to Investors:

Morningstar said investors pulled $14.5 billion from Pimco’s US mutual funds in June, $18.7 billion from Pimco’s Total Return fund since May.

Bill Gross at Pimco said bond managers need to adapt to an era of lower fixed-income returns by being flexible and embracing unconstrained strategies, alternative assets and stocks that protect investors from market risks. Gross said investors can still profit with fixed-income securities by focusing on bonds issued by less than Aaa-rated sovereign nations and corporates contain credit risk, which yield more than those of countries such as the US, and from trading strategies that profit from the yield curve.

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