Bill Gross just got a huge vote of “no confidence” from billionaire investor George Soros.
Soros Fund Management LLC, which Soros chairs, pulled its roughly $500 million from an account run by Gross at Denver-based Janus Capital Group Inc , a source familiar with the matter said on Monday. The trade publication Pension & Investments earlier reported on the outflow.
The $500 million had been managed through a private investment vehicle named Quantum Partners LP and invested in a separate account. The portfolio followed the strategy that Gross was employing in his Janus Global Unconstrained Bond fund , which has been struggling with poor performance and outflows.
So far this year, the fund is posting negative returns of 1.47 percent and lagging 74 percent of its peer category, according to Morningstar.