rjb112, not sure now where I saw the 65% rank. I must have been confused. Looking now I see PTTRX ranked 40% in it's category under 5 year returns. Still mediocre but not horrible.
p.s. why is the 'Rank in Category' data missing in your print?

Good question MikeM. Have no idea. I noticed that before I posted it, and even looked at it using both Internet Explorer and Chrome as different browsers, thinking it could have been a browser issue. Still wasn't there with either one. But just now it IS there! I notice on Morningstar that at times, category rank numbers are "missing", then at a later time will be present. Here's what it shows now, 3 pm EST:

Maybe things at Pimco will improve (hope so):
http://krugman.blogs.nytimes.com/2014/09/30/the-pimco-perplex/

hi there Catch,
treasuries were up, spreads were out. easy.
PTTRX is a core bond with a bunch of treasuries and some spreads which canceled each other to become zero. PIMIX is all mortgages that blew out (with all other spreads yesterday - high yield, EMD, etc); moreover, it hedges interest rates being short treasuries - which went against them -- hence the NAV impact. PIMIX is a more sophisticated portfolio, but there is no free lunch..

PTTRX closed flat, PIMIX / PONDX closed -.47%.......
Perhaps all sorts of trick plays were in place for PTTRX, and don't know about PIMIX.
PIMIX doesn't normally have down moves of this nature.
Seems a bit strange; but of course, I have no idea of what the current holdings may be for either of these.
Edit: PIMIX portfolio mix, August 31
Oh well.
Take care,
Catch

David:
Thank you. I figure the smaller size of the Harbor Unconstrained Fund might give a better sense of what he might be up to in Janus' Unconstrained Global in that Mr. Gross would (initially at least) have ability to be very opportunistic with small asset size.
The PIMCO equivalent [https://investments.pimco.com/products/pages/349.aspx] has as of 09-30-14 $21 Billion in assets. Janus (as noted above) has only $41 Million.

California may be the most worker friendly state in the US. For the most part, noncompetition clauses are void (not voidable, but void on their face) there.
That doesn't prevent companies and their lawyers from demanding that you sign them (in the hope that you'll be cowered into not going to a competitor), but it does prevent them from enforcing them.
http://www.law360.com/articles/412067/calif-noncompete-clauses-still-unenforceable

Let’s face it; 401(k) sponsors are thieves.
Company executives and their HR people are accomplices.
None of these people make it a point to emphasize
or explain in detail what plan participants are paying.
If the HR department or the investment committee sent
a letter or e-mail to each plan participant at the end of the year
stating, “This is the amount of dollars you’ve paid this year”,
people would see how the thieves are robbing
their retirement savings.
Of course, the letter/e-mail would actually be more helpful
if it said something like, “And here’s how you could
reduce these costs”.
But that would be the suppression of the heterodoxy.

Hi, Ira.
Good thought. I know it's good because I make a similar observation in our impending profile of JACUX. Gross has managed PIMCO and Harbor Unconstrained since their manager's sudden desire for a sabbatical in December 2013.
More soon,
David

Perhaps something like the Harbor Unconstrained Bond Fund, which had been managed by Bill Gross.
Here is info on the $41 MM (M*: 9-30-14) Harbor Unconstrained Bond Fund (HAUBX):
Morningstar: http://quotes.morningstar.com/fund/f?t=HAUBX
Summary Prospectus: http://hosted.rightprospectus.com/HarborFunds/Fund.aspx?dt=SP&ts=HAUBX
Fact Sheet: http://www.harborfunds.com/docs/unconstrained_bond_fund_fact_sheet.pdf
Fiscal Qtr End Holdings: http://www.harborfunds.com/docs/fiscal-qtr-end-strategic.pdf
Management History: http://financials.morningstar.com/fund/management.html?t=HAUBX
(Mr. Gross became the manager of the fund in Dec 2013.)
Other Harbor Documents: http://www.harborfunds.com/documents.htm

Oh great. Upcoming: the financial media reports breathlessly that Ivascyn shifted his allocation from 43.1 to 43.2% mortgages last month! (Like they did every month with Gross ...)

FYI: (Follow-Up Article)
You’re probably paying more than you realize.
A recent study by the Federal Reserve, the Survey of Consumer Finances, found that Americans’ retirement savings in IRA and 401(k) plans are not quite as solid as they should be. If you're going to be successful with your retirement savings, it is critical that you understand the fees and expenses you are incurring.
Regards,
Ted
http://www.marketwatch.com/story/what-youre-really-paying-in-401k-and-ira-fees-2014-09-29/print

rjb112, not sure now where I saw the 65% rank. I must have been confused. Looking now I see PTTRX ranked 40% in it's category under 5 year returns. Still mediocre but not horrible.
p.s. why is the 'Rank in Category' data missing in your print?

Fun with numbers. Mean is not the same as median, so it is possible for a fund to have above mean performance while still ranking below the category median. For example, if a category has five funds with performance figures of 10%, 10%, 10%, 9%, 1%, the category average performance is 8%. The 9% fund is below the median (50th percentile) in raking, but above category average in performance.
To find the category rankings, look at M*'s summary (quote) page, not the performance page.
Bond fund performances tend to cluster, so a small difference in expenses can make a large difference in rankings. In particular, different share classes can have vastly different rankings. PTRRX (as of 9/29/14) is ranked at the 65th percentile for five year performance, as MikeM wrote. PTTCX is even worse, at 78th percentile. Even the retail no load class, PTTDX barely breaks into the top half, at 49th percentile. PTTRX, the institutional class, does better, at 40th percentile, still lackluster.

I not only disagree with this Josh Brown, some of what he is saying is total BS. Take a look at the chart of PTTRX right after Gross made the call. There is a marked difference away from the aggregate bond index, but following that a marked difference toward the index. What about all the correct calls Gross made for so many years?
Everyone is an "expert". They know the "one thing" that caused Gross' downfall. Assets went down from 290B to 220B, right? WTF made assets go up to 290B in first place? Gross had nothing to do with it?
Let's be honest here. Gross may not have been Puss N Boots, but no one had any trouble with him as long as PTTRX assets, if not its performance were in an upward trajectory. I would hardly call Gross an underdog, but I'm starting to think he was not the only "problem" at PIMCO. They can't say "we were already contributing to the investment decisions" AND then also blame Gross completely for his "bad call" on treasuries. This is the same as capitalizing profits and socializing losses. Not to mention, all individual investors are idiots for chasing performance, but when institutions do it after Gross's "bad call", there is no focus on it.
I'm sticking with Robert Arnott for PAUDX in the IRA. I've already reduced my PTTRX stake to 50% of what it was in the 401k. I'm putting my PGMDX stake in IRA on notice. El Erian didn't do diddly here because he was allegedly cleaning up Gross' s*** that he was tired of doing, instead of cleaning his own. Now that I learn Mihir Worah is a nuclear physicist, it might be prudent to look for manager with PhD in finance. Not to say I have anything against physicists, but I typically don't hire them to manage my money.

What am I missing? Why are people so enamored with Gross opening a new fund? Isn't this the same guy who has guided the PIMCO Total Return fund to mediocrity with some pretty bad calls in the last 5 years? Per M*, 65% of all intermediate-bond funds have outperformed his flagship fund.

I'm not seeing that 65% of all intermediate bond funds have outperformed his flagship fund. Looks to me like Gross outperformed his category nicely, in all time periods longer than one year. Am I reading this incorrectly?

Wraps finally off Eaton Vance’s active ETF innovation
ft.com/intl/cms/s/0/c9e5c0e8-1c95-11e4-98d8-00144feabdc0.html#axzz3EklAhz3P

That Financial Times site is a bear when it comes to access. Wasn't able to read that article

This is the top holding of Pimco Income fund, at 8.24%:
Irs Aud 4.000 03/15/13-10y Cme. Don't know what that is.
And they have more than 7.5% of the below, which I suspect may have gone down today?
Nota Do Tesouro Nacional
What is that? Some National Treasury note, is that from Portugal? Would help to explain why the fund may have dropped today.
I don't suspect any trick plays that you allude to.
PTTRX looks like it is a more plain vanilla, safer bond fund. Just guessing. Look at the top holding, at almost 19.5%
NYSE/Liffe 10 Year US Treasury Note Future Sept14
Longer term bonds did well today. The market was spooked by Hong Kong. The longer the Treasury bond, the better it did....flight to safety. Junk bonds did not do well.
I think global bonds did not do well....flight to Treasuries.

PTTRX closed flat, PIMIX / PONDX closed -.47%.......
Perhaps all sorts of trick plays were in place for PTTRX, and don't know about PIMIX.
PIMIX doesn't normally have down moves of this nature.
Seems a bit strange; but of course, I have no idea of what the current holdings may be for either of these.
Edit: PIMIX portfolio mix, August 31
Oh well.
Take care,
Catch

@MFO Members: I recommend ignoring both Pimco and Janus, and try a little Fuss, or Gaffney.
Regards,
Ted

One might want to wait for Gaffney's ETMF (Eaton Vance Bond ETMF®) to come out and see what it looks like - it's in

registration now.
To put it another way, don't make a gaff with a kneejerk reaction; one can afford to be a little fussy and take the time to select investments carefully.

Here's a related article on the ETMF (Exchange Traded Managed Funds) that EV is trying to get approval for:
Wraps finally off Eaton Vance’s active ETF innovation
ft.com/intl/cms/s/0/c9e5c0e8-1c95-11e4-98d8-00144feabdc0.html#axzz3EklAhz3P

Well he did co-find Pimco. As much as Pimco may want to rewrite history that part they cannot.
I know Wikipedia is not a reliable source but if this part is true it could explain his erratic behavior.
"In 2014 Gross was reported as one of a number of "prominent investors [who] have taken to Transcendental Meditation".[21]"

As a Janus investor with "D" shares for years, I used to be able to make exchanges on-line for little as $100.00 into new non-taxable accounts. I logged into my account to make a small exchange from one of my other accounts on-line into the unconstrained bond fund only to "flagged" by the on-line system. Now you can open an account (at least non-taxable in my case) for little as $500.00 with a minimum $50.00 subsequent monthly investment or a minimum of $1,000.00 to start.