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MetWest Tops Pimco Total Return As Largest Active Bond Fund
Many years ago I went to talk where one of the MWTIX managers (don't remember who) spoke. An audience member asked him to compare MetWest's fund with PTTRX. The response was that PTTRX was an excellent fund, but given its size, Gross had to manage it top down, making macro calls. MetWest's smaller fund could add value through issue selection and by focusing on smaller attributes of the market.
The fund has great managers, but they may have described their own future (now present).
The boatload of new assets have resulted, thus far, in an increase in OERs and a slackening in relative performance. I own it; I'm not thrilled. Big paydays for Met West though, I'm sure.
Comments
Many years ago I went to talk where one of the MWTIX managers (don't remember who) spoke. An audience member asked him to compare MetWest's fund with PTTRX. The response was that PTTRX was an excellent fund, but given its size, Gross had to manage it top down, making macro calls. MetWest's smaller fund could add value through issue selection and by focusing on smaller attributes of the market.
The fund has great managers, but they may have described their own future (now present).