PIMCO's flagship hedge fund has lost more than 14% in 2019 — a rare stumble for the $3 billion credit strategy
This story requires our BI Prime membership. To read the full article,The Global Credit Opportunity Fund is PIMCO's flagship hedge fund, and runs more than $3 billion.
The fund is run by Dan Ivascyn, the chief investment officer of the bond giant, and Jon Horne, a managing director at the firm. The fund has made money in four of the last five years. The flagship of Pacific Investment Management Company's hedge fund suite has dropped by more than 14% this year, according to several sources.
The Global Credit Opportunity fund had managed to avoid losing money for several years. Last year, when the average fund lost money, the flagship fund returned nearly 9%. The only year since 2014 that the fund hasn't finished with positive returns was 2017, when it broke even. Another fund in the firm's hedge fund suite, Tactical Opportunities, is up nearly 6% for the year. It's managed by a team including Ivascyn, managing director Josh Anderson, and managing director Alfred Murata.
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