Pimco Total Return Had $9.9 Billion Withdrawals in June

Imagine what is going to happen when the panic over climbing interest rates really starts.

Bill Gross’s Pimco Total Return Fund, a bond fund and the world’s largest mutual fund, had $9.9 billion in net redemptions last month as investors fled bonds in anticipation of higher interest rates.

The withdrawals left the fund with $268 billion in assets at the end of June, Morningstar said.