PIMCO’s Bill Gross is apparently net short U.S. debt in the sense that it is net long said debt. Got that? Me neither, but it’s fun.
Pacific Investment Management Co., under criticism for missing this year’s rally in Treasuries, revised how it lists asset holdings to show that its flagship fund held U.S. government debt in May.
The $243 billion Total Return Fund managed by Bill Gross increased its holdings of U.S. government debt to 5 percent from 4 percent in April, according to data on the Newport Beach, California-based company’s website. In the prior month’s posting, the category that was classified as government and government- related debt had shown negative holdings of 4 percent. The website showed an added category this month of swaps and liquid rates with holdings of minus 9 percent. Michael Reid, a spokesman at Pimco, declined to comment.