Latest data from PIMCO’s Total Return bond fund shows how manager Bill Gross has massively shifted his funds’ allocation into the foreign bonds of developed countries.

As shown in the table below, taken from the latest fourth quarter Pimco report, ‘Non U.S. Developed’ debt has jumped to 16% of the portfolio vs. just 3% the quarter before. That’s an enormous shift in exposure given that it happend over just three months for this $200 billion fund.

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