Bill Gross Goes Massively Short Cash As He Bets The Newport Farm On Uber Duration

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Two things stand out in the just released September holdings update of Pimco’s flagship Total Return Fund: first, what appears to be a record cash short of 19% of the fund’s total unchanged AUM of $245 billion, doubling the previous short of -9%. The incremental cash was used almost entirely to purchase Mortgage Backed Securities, which jumped to…



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