Pimco Dethroned as Emerging-Market Bond King
- Stone Harbor Fund rises to top of emerging market heap
- Strong dollar and bets on Brazil lead to fund outflows
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Pacific Investment Management Co. has lost its title as manager of the world’s largest emerging-market bond fund, battered by ill-timed bets that fueled an investor exodus.
Assets managed by Pimco Emerging Local Bond Fund have tumbled 62 percent from an April 2013 peak to $6 billion at the end of October. It was about $150 million smaller than an Ireland-incorporated fund run by Stone Harbor Investment Partners LP.