I not only disagree with this Josh Brown, some of what he is saying is total BS. Take a look at the chart of PTTRX right after Gross made the call. There is a marked difference away from the aggregate bond index, but following that a marked difference toward the index. What about all the correct calls Gross made for so many years?
Everyone is an "expert". They know the "one thing" that caused Gross' downfall. Assets went down from 290B to 220B, right? WTF made assets go up to 290B in first place? Gross had nothing to do with it?
Let's be honest here. Gross may not have been Puss N Boots, but no one had any trouble with him as long as PTTRX assets, if not its performance were in an upward trajectory. I would hardly call Gross an underdog, but I'm starting to think he was not the only "problem" at PIMCO. They can't say "we were already contributing to the investment decisions" AND then also blame Gross completely for his "bad call" on treasuries. This is the same as capitalizing profits and socializing losses. Not to mention, all individual investors are idiots for chasing performance, but when institutions do it after Gross's "bad call", there is no focus on it.
I'm sticking with Robert Arnott for PAUDX in the IRA. I've already reduced my PTTRX stake to 50% of what it was in the 401k. I'm putting my PGMDX stake in IRA on notice. El Erian didn't do diddly here because he was allegedly cleaning up Gross' s*** that he was tired of doing, instead of cleaning his own. Now that I learn Mihir Worah is a nuclear physicist, it might be prudent to look for manager with PhD in finance. Not to say I have anything against physicists, but I typically don't hire them to manage my money.

Hi @Mona
You're probably correct about distribution; although nothing posted at Fido or Pimco.
There was a 0.0555 on August 29.....is that what you saw somewhere?
Thanks.
Catch

What am I missing? Why are people so enamored with Gross opening a new fund? Isn't this the same guy who has guided the PIMCO Total Return fund to mediocrity with some pretty bad calls in the last 5 years? Per M*, 65% of all intermediate-bond funds have outperformed his flagship fund.

I'm not seeing that 65% of all intermediate bond funds have outperformed his flagship fund. Looks to me like Gross outperformed his category nicely, in all time periods longer than one year. Am I reading this incorrectly?

Wraps finally off Eaton Vance’s active ETF innovation
ft.com/intl/cms/s/0/c9e5c0e8-1c95-11e4-98d8-00144feabdc0.html#axzz3EklAhz3P

That Financial Times site is a bear when it comes to access. Wasn't able to read that article

This is the top holding of Pimco Income fund, at 8.24%:
Irs Aud 4.000 03/15/13-10y Cme. Don't know what that is.
And they have more than 7.5% of the below, which I suspect may have gone down today?
Nota Do Tesouro Nacional
What is that? Some National Treasury note, is that from Portugal? Would help to explain why the fund may have dropped today.
I don't suspect any trick plays that you allude to.
PTTRX looks like it is a more plain vanilla, safer bond fund. Just guessing. Look at the top holding, at almost 19.5%
NYSE/Liffe 10 Year US Treasury Note Future Sept14
Longer term bonds did well today. The market was spooked by Hong Kong. The longer the Treasury bond, the better it did....flight to safety. Junk bonds did not do well.
I think global bonds did not do well....flight to Treasuries.

@MFO Members: I recommend ignoring both Pimco and Janus, and try a little Fuss, or Gaffney.
Regards,
Ted

One might want to wait for Gaffney's ETMF (Eaton Vance Bond ETMF®) to come out and see what it looks like - it's in

registration now.
To put it another way, don't make a gaff with a kneejerk reaction; one can afford to be a little fussy and take the time to select investments carefully.

Here's a related article on the ETMF (Exchange Traded Managed Funds) that EV is trying to get approval for:
Wraps finally off Eaton Vance’s active ETF innovation
ft.com/intl/cms/s/0/c9e5c0e8-1c95-11e4-98d8-00144feabdc0.html#axzz3EklAhz3P

As a Janus investor with "D" shares for years, I used to be able to make exchanges on-line for little as $100.00 into new non-taxable accounts. I logged into my account to make a small exchange from one of my other accounts on-line into the unconstrained bond fund only to "flagged" by the on-line system. Now you can open an account (at least non-taxable in my case) for little as $500.00 with a minimum $50.00 subsequent monthly investment or a minimum of $1,000.00 to start.

I think the trend will last for awhile due to ageing baby boomers.Since the market will anticipate that event, 2020 might be a time to reduce allocation rather than say 2026 which is the year peak births turn around 75.

FYI: (Click On Article Title At Top Of Google Search) Follow-Up Article:
Morningstar has dubbed DoubleLine Total Return fund "not ratable" despite its outperformance, amid bad blood with manager Jeffrey Gundlachs,
Regards,
Ted
https://www.google.com/search?newwindow=1&site=&source=hp&q=blood+fued&oq=blood+fued&gs_l=hp.3..0i10l10.1559.4701.0.5117.10.10.0.0.0.0.114.740.9j1.10.0....0...1c.1.54.hp..0.10.738.fSPOageAXDg
Mutual Fund Wire.Com Slant; http://www.mfwire.com/common/artprint2007.asp?storyID=49762&wireid=2

JG should send along at least a thank you card to BG.
$500M X .72% (Expense Ratio for DBLTX) = $3.6M / year in additional fees

FYI: DoubleLine Capital, an investment firm that has been a major rival of Pimco, saw between $400 million and $500 million of net inflows on Friday in the wake of Bill Gross' departure from Pimco, DoubleLine Chief Executive Officer Jeffrey Gundlach said on Monday.
Regards,
Ted
http://www.reuters.com/assets/print?aid=USKCN0HO1SN20140929

I own PASAX, which accounts for about 3.5% of my overall portfolio. I am currently watching as I have some long term capital gains in this fund as I have owned it for some time now. However, it is a fund-of-funds and if other Pimco funds are taking it on the chin, and begin to falter, this one most likely will too. If I see a price drop down to about five percent below its 52 week high them I am thinking strongly of letting it go and not waiting to read Morningstar under review take. It is currently trading at about 3.75% off its 52 week high and has a year-to-date gain of about 4.1% (I'll want to be out with some positive gain left).
Old_Skeet

Hi Ted and others:
Ted, thanks for posting the article on small caps. In my well diversified portfolio currently small cap funds make up about 15% of the growth area of my portfolio with mid caps making up about 25%. With this, that leaves about 60% to the large cap space.
Here is some interesting facts on my small/mid cap sleeve. It is currently 6.25% below its fifty two week high and has a TTM P/E Ratio of 17.4 with forward estimates at 16.3. It has a dividend yield of about 1.2%. and its year-to-date return is 2.3% as of Fridays’ market close.
Small/mid caps are drawing some of my attention and should my small/mid cap sleeve soon drop to about 7.5% below its fifty two week high ... Then, I’ll possibly add a little more to these positions. I did do a little buying last week in the small/mid cap space based on their recent weekness but now I am awaiting additional weakness before buying more and increasing them up to perhaps around 20% of the growth area.
Old_Skeet

One of the Best, thank You Vanguard....
Performance VGHCX More...
Expense; 0.35%
1 Yr +19.68
3 Yr +32.5
5 Yr* +27.75
10 Yr +12.69
*
Growth of 10,000 11,968 10,096 13,252 20,851 25,276 33,021 (10yr)

FYI: (Click On Article title At Top Of Google Search)
In the stock market right now, small isn't beautiful.
While blue chips are riding a bull market now in its fifth year, shares of small companies have struggled amid concerns over lofty prices and an early-year scare over U.S. growth.
Regards,
Ted
https://www.google.com/search?newwindow=1&site=&source=hp&q=small+caps+miss+out+wsj&oq=small+caps+miss+out+wsj&gs_l=hp.3...1938.9155.0.9657.23.22.0.1.1.0.189.1513.19j3.22.0....0...1c.1.54.hp..8.15.1058.6CHXCrJawjw

@MFO Members: I recommend ignoring both Pimco and Janus, and try a little Fuss, or Gaffney.
Regards,
Ted

One might want to wait for Gaffney's ETMF (Eaton Vance Bond ETMF®) to come out and see what it looks like - it's in registration now.
To put it another way, don't make a gaff with a kneejerk reaction; one can afford to be a little fussy and take the time to select investments carefully.

I am a flagship holder at Vanguard and, in the past, they helped me get institutional shares of a mutual fund (front load) which helped me avoid paying the sales load and got me into the lowest OER. I may contact them tomorrow and see if I can get institutional shares of this Janus fund.

Good luck with that (seriously). I'd love to be proven wrong.
Vanguard is good at getting some institutional class funds at "reasonable" mins - for example, you can get PTTRX at $25K vs. $100K at some other brokerages (should you still want this :-)), but when I look at the Janus offerings at Vanguard, all I see are T class shares.

FYI: Health care mutual funds have outpaced the broad stock market in the past 15 years, with the pace of outperformance picking up in the past two years.
A $10,000 investment in the average health care fund on June 30, 1999, would have ballooned to $43,820 by Sept. 24, 2014, according to Morningstar Inc. data.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MTg1MDc5ODY=
Enlarged Graphic: http://news.investors.com/photopopup.aspx?path=WEBlv0926.gif&docId=719115&xmpSource=&width=981&height=1130&caption=&id=719116

What am I missing? Why are people so enamored with Gross opening a new fund? Isn't this the same guy who has guided the PIMCO Total Return fund to mediocrity with some pretty bad calls in the last 5 years? Per M*, 65% of all intermediate-bond funds have outperformed his flagship fund. This is a guy who has consistently had problems playing in the same sandbox with his associates. The guy whose sanity was questioned during the Morningstar Conference earlier this year. And remember, Janus does not have the same bond analysis strength as PIMCO. Not even close.
I've never been a PIMCO fan though I do own PONDX. I think I didn't like PIMCO because of Gross and I think PIMCO will be a better fund-shop without him. I do like and respect Ivascyn. Maybe because Ivascyn stays out of the lime light and lets his record do his talking.
There are just to many other good unconstrained bond funds with good stable management to choose from to take a 'gamble' on Gross, IM<HO. I may be proven wrong?

Tactical or Strategic, I don't think PIMCO had an option. First, they shouldn't have made it obvious to Gross they would be firing him. They should have had more sense. Second, they already moved toward the "invest by committee" approach, so they were committed to that line of thinking. Not using multi manager approach and going with single manager for PTTRX would not necessarily have been a better option. It takes a lot for one person to fill Gross sized shoes, both literally and figuratively.
One thing PIMCO did mess up IMO, is not having Ivascyn on PTTRX as one of the 3. He is now the voice of PIMCO. He should have been on its flagship fund. "Team" and everything is fine. There are drawbacks to "team" and "individual" approach. "Team" "works" - as M* keeps alleging at American - where each manager gets his own slice to do what he wishes with it. I don't think that's what they are doing at PIMCO with "Team". Or they should maybe do that indicating, the best of breed manager is managing his assets based on his expertise.
All In All, right now the score is Gross 5, PIMCO 0.