Pimco Total Return Fund Rating Cut To Bronze: Morningstar
Morningstar cut its rating on the Pimco Total Return Fund two notches to bronze from gold late Monday. The investment research company said the departure of Pimco's high-profile chief investment officer, Bill Gross, who managed the flagship $222 billion fund, leaves questions about the fund's prospects going forward. "The fund's Bronze Morningstar Analyst Rating reflects Morningstar's high level of confidence in Pimco's resources and overall abilities but also the uncertainty as to exactly how all of these parts will mesh in the wake of Gross' departure," said senior analyst Eric Jacobson in the report. Investors often look to the Morningstar ratings when deciding whether to invest in a fund. The bronze rating is based on an analyst's research. Morningstar's performance-based rating of the fund is four out of five stars.
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