At a time when all bets are off in the trading game, demand for PIMCO Advisors Total Return Fund continues to surprise the mutual fund industry, with net sales reaching $1.2 billion in March and year-to-date sales at $3.1 billion, according to Financial Research Corp (FRC) numbers.
The fund, up 2% year-to-date, holds 63% of its assets in mortgage-backed securities and 11% in US Treasury issues, and aims to generate returns from both income and capital gains, and invest primarily in intermediate term investment grade instruments.
The funds closest competitor with net sales of $557 billion, Vanguard Total Bond Index Fund, tracks the whole US bond market gauged by the Lehman Aggregate Bond Index and invests in 80% of the bonds held in this benchmark.
The Vanguard Total Stock Market Index Fund, comes in third, with net sales of $467 million.
According to other FRC figures:
- Vanguard Group was the top selling mutual fund complex in March with net flows of $2.8 billion.
- PIMCO Advisors was second with net flows of $1.3 billion,
- followed by American Funds with net sales of $832 million.
FRC March figures, which include equity and fixed funds but not money market funds, show:
- Fidelity Investments recorded net outflows of $3.0 billion
- Janus Capital with outflows of $2.6 billion.