Bloomberg: PIMCO Big Buyer of Mortgages

by REIT Wrecks on April 10, 2008

Several days ago, I posted that Morgan Stanley CEO John Mack likes mortgages. However, Bill Gross and his PIMCO Total Return Fund are definitely putting their money where his mouth is.

According to Bloomberg, the $125 billion fund increased mortgage debt holdings to the highest level since 2000. Bloomberg says the fund had 59% of its assets in mortgages in March, which is up from 52% in February and just 23% in March of 2007. Simultaneously, he put on a very bearish bet on Treasuries.

Don’t tell me the bottom bottomed and we missed it!

The full story is here

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