Pimco scales back exposure to risk, portfolio manager says

01/4/2010 | Bloomberg

Pimco, the manager of the world's biggest bond fund, is scaling back its exposure to U.S. and U.K. government bonds, corporate debt and mortgage-backed securities, said the firm's portfolio manager Paul McCulley, writing in the company's outlook for 2010. "We're making a very active decision to run light on risk," he said. "This all leaves us with portfolios that appear, more than at other times, to be hugging the benchmarks with no bold positioning."

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