May 23, 2012
The world's biggest bond mutual funds are working to protect their portfolios from a possible exit of Greece from the euro zone.
Some portfolio managers are dumping debt of southern European countries, while others are piling into safer U.S. and German issues. Still others are "short-selling" Greek bonds in a bet they will lose value.
Taken together, the moves—some of them months in the making—show the extent to which professional investors are worried the Greek crisis will roil markets across the Continent and around the world.
Bill Gross, founder and co-chief investment officer of $1.8 trillion Pacific Investment Management Co., a unit of Allianz SE, ALV.XE +0.25% said he has bulked up on U.S. Treasurys over the past six months in the company's flagship Total Return Fund. Against the grain, the firm has also been trimming its holdings of German bunds in the past month.
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