The Pimco Total Return, the Newport Beach, Calif. firm's flagship portfolio, is posting returns of 1.28 percent year-to-date as of March 27, trailing the benchmark Barclays U.S. Aggregate index by 75 basis points for the same time period, according to Morningstar. February was a particularly brutal month for the Pimco Total Return Fund, which only held 9 percent in U.S. credit which may include both high-yield and investment-grade securities. Eric Jacobson, Morningstar senior analyst, said: "The fund was very underweight U.S. investment grade corporate bonds.
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