Its surging popularity made it the world's largest actively managed bond fund. But so far this year, the Pimco Income Fund has underperformed 93% of its peers.
Pacific Investment Management Co. investment chief Daniel Ivascyn is in a slump, hurt by a bet on housing bonds and investors’ flight to safety.
For much of the past decade, Mr. Ivascyn’s Pimco Income Fund has posted stellar returns. Its surging popularity made it the world’s largest actively managed bond fund and helped salve the wounds at Pimco left by the acrimonious 2014 departure of Mr. Ivascyn’s predecessor, Bill Gross.
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