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Pimco's Gross sees low returns, no bubbles in assets: letter

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Credit: Reuters/Robert Galbraith


Pacific Investment Management (PIMCO) founder and co-chief investment officer Bill Gross plays golf on the first hole at Pebble Beach Golf Links before the start of the AT&T Pebble Beach Pro-Am in Pebble Beach, California, February 8, 2012.


'At PIMCO, we believe that this focus on the future 'neutral' policy rate is the critical key to unlocking value in all asset markets,' Gross said in his monthly letter to investors.


Gross, whose flagship Pimco Total Return Fund has $232 billion in assets, said that while current Federal Reserve participants believe the neutral rate is 4 percent, Pimco believes 2 percent is 'closer to the mark.'


Gross added that if the neutral rate is 2 percent, asset markets are 'not bubbly, just low returning.'


Pacific Investment Management Co, a unit of European financial services company Allianz SE, had $1.94 trillion in assets as of March 31, according to the firm's website.


(Reporting by Sam Forgione; Editing by Chizu Nomiyama)


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