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Not just that, but PTTRX is doing better than its Doubleline rival DBLFX this year. Last year PTTRX did significantly worse than DBLFX, which led to a lot of media coverage and PTTRX seeing actual outflows. So this year might be just some of the performance chasers coming back.
I think another factor is that the yield on safer or index bond funds has just gotten so low. Actively managed funds are really the only source for yield now and in fact many bond investors are considering index funds and treasuries to be more "risky" (or at least to have very limited upside potential).
Another thing to remember is that PIMCO Total Return is sometimes the ONLY decent bond option available in some very large corporate retirement plans. They have done one heck of a marketing job over the years. Given the choice between PIMCO and a typical long-term bond fund, PIMCO is an easy choice. I'm not saying folks should be putting all their money in bonds now, but since most plan participants have no investment knowledge and are scared of everything having to do with the stock market, PIMCO is where they gravitate, once they see the long-term numbers.
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I think another factor is that the yield on safer or index bond funds has just gotten so low. Actively managed funds are really the only source for yield now and in fact many bond investors are considering index funds and treasuries to be more "risky" (or at least to have very limited upside potential).