Bill Gross said his Pacific Investment Management Co. will rank at the top by the end of 2014, after several funds trailed peers over the past year.
'Believe me, by the end of 2014, Pimco’s going to be at the top, not close to the middle', the 70-year-old chief investment officer of the world’s biggest bond fund said today in an interview with Erik Schatzker and Olivia Sterns on Bloomberg Television’s Market Makers. 'We’ve got a thesis here. We’re sticking to our guns, our new guns in terms of the new neutral'.
Bloomberg News reports that Pimco has outlined its new outlook for the next three to five years, saying that the economy is entering a 'new neutral' era. This will be characterized by global growth converging toward lower, more stable speeds and interest rates remain stuck below their pre-crisis equilibrium, after five years of what Pimco called the 'new normal' of below-average growth.
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