Pimco is pulling down rest of the bond market

Bill Gross Interview Pic

Investors have been withdrawing money aggressively out of bond funds recently, and it's pretty much all Pimco's fault.

In fact, when excluding flows from the Newport Beach, California-based fixed income behemoth, all other bond funds actually have been taking in money, according to calculations from Morningstar that highlight just how pronounced a reaction investors have had to Bill Gross leaving the firm he founded.

In total, taxable bond funds lost $41.8 billion in September and October. When subtracting Pimco from the equation, October's number turns positive by $9.2 billion, the data show.

Gross left Pimco Sept. 26, some 43 years after he helped turn the firm into a major player in the fixed income space, particularly through its Total Return Fund , which remains the largest bond fund in the world despite hemorrhaging money for the past year and a half or so.

The TR fund has seen nearly $83 billion in losses over the past 12 months and currently holds $170.9 billion.

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The post-Gross carnage has been felt acutely through the entire firm, which saw $40.9 billion in outflows for October alone. The total outflow of $50.1 billion in September and October is the largest-ever two-month period of redemptions for any fund, Morningstar reported.

Pimco now manages $1.87 trillion and has stressed that outflows slowed through the month as investors adjusted to the new complexion of the firm, which lost both Gross and former CEO Mohamed El-Erian this year. Pimco officials did not immediately respond to a request for comment.

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At Gross' new home, Denver-based Janus Capital, the story is starkly different.

A much smaller player in the space with $177.7 billion in assets under management, the arrival of the "Bond King" ended a three-year streak of outflows. Janus took in a net $1.1 billion in October. The Janus Unconstrained Bond Fund, a new player in the market that Gross will manage, brought in about $400 million, according to Morningstar.

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Investors overall have been shoveling money into passive funds that track indexes-including a huge move toward exchange-traded products-and out of active funds. Passively managed U.S. equity funds have raked in $139.4 billion over the past year, while their counterparts in taxable bonds have attracted $86.9 billion, according to Morningstar data.

Actively managed funds have seen $79.3 billion come out of U.S. equity products, and outflows of $19.2 billion from bonds.

Jack Bogle 's Vanguard has been the big winner in the trend, attracting $231.3 billion for the year, with BlackRock a distant second at $64.3 billion. BlackRock remains the industry leader in the ETF space with $745.3 billion under management, while Vanguard holds third at $412.9 billion, according to ETF.com.

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