Bill Gross Makes $7 million Purchase; Barron’s

Bill Gross has bought $7 million stake in three of his bond funds. These bond funds are the Pimco Corporate Opportunity Fund (PTY), the Pimco Income Strategy Fund (PFL) and the Pimco Income Strategy Fund II (PFN). It is his first closed-end funds purchase in three years. Barron’s has reported that PTY invests in the lowest investment grade corporate bonds and highest rated junk bonds, whereas Strategy Fund buys floating or fixed-rate debt instruments. Gross has approximately $1 trillion of assets under management at Pimco. He said that the investors globally are liquidating their holdings.