As I mentionedelsewhere, I can't even logon to 401k site this morning. This is not over yet. Assets will flee PIMCO. Not sure all of them go to Janus though. The Janus fund has to go into 401k plans first. Also large institutional investors will not rush to Janus with its reputation. Doubleline, Vanguard, Loomis Sayles, TCW/MetWest and to some extent TRP I think will be the benefeciaries.

I'm trying to access 401k site and getting network errors. I think a lot of people are going to pull PTTRX down in their 401ks. It is a staple in most 401ks. The website must be overwhelmed.
I think people have let things settle in and decided, PTTRX is not a sure thing any more.

http://mobile.reuters.com/article/businessNews/idUSKCN0HN0YV20140929?irpc=932
This appears to be good news in that the new management is establishing their style and manner right off the bat.
It will be worth watching.
Also there are some reports that up to $10 billion has left Pimco since Bill Gross left on Friday.

FYI: Pacific Investment Management Co. suffered roughly $10 billion of withdrawals following the Friday departure of co-founder Bill Gross, a person familiar with the matter said, a sign of how quickly Mr. Gross’s surprise move is reshaping the bond-investing landscape.
Regards,
Ted
http://www.marketwatch.com/story/billions-fly-out-the-door-at-pimco-2014-09-29/print

FYI: Too much focus on finances can bring disastrous results.
Regards,
Ted
http://www.marketwatch.com/story/forget-investing-apps-take-a-nap-instead-2014-09-29/print

FYI: Daniel Ivascyn, Pacific Investment Management Co.’s new Group Chief Investment Officer, is about to go head to head with Bill Gross in the fastest-growing segment of fixed income: unconstrained funds.
Ivascyn, who was named Pimco’s investment chief on Sept. 26 after his old boss abruptly quit, was also appointed as one of the three portfolio managers on the $21.6 billion Pimco Unconstrained Bond Fund. (PUBAX) Gross will run a startup unconstrained fund for his new employer, Denver-based Janus Capital Group Inc.
Regards,
Ted
http://www.bloomberg.com/news/print/2014-09-29/pimco-s-ivascyn-takes-on-gross-with-unconstrained-fund.html

"Pacific Investment Management Co. Chief Executive Officer Douglas Hodge said there is an “overwhelming” sense of relief and excitement following the departure of Bill Gross yesterday, according to the Wall Street Journal."
Bloomberg link that works http://www.bloomberg.com/news/2014-09-27/pimco-ceo-says-overwhelming-relief-at-gross-exit-wsj-reports.html
WSJ link (questionable) http://online.wsj.com/articles/pimco-ceo-cites-overwheling-relief-over-bill-gross-departure-1411853763
Hmm ... Pretty sure that's how they felt after I retired. Just didn't get in the newspapers. :)

In this edition Dr. Tom Madell covers ... as quoted in his opening paragraph ...
"No matter what happens over the next year, or even decade, stocks continue to be the place to be for very long-term investors. However, this glosses over the question as to where investors may want to keep their money over less lengthy periods. If you think of yourself as this very long-term investor, you may not be particularly concerned if stocks don't do well from time to time. So long as you are able to keep focused on the long term, these temporary setbacks should not matter. But pullbacks can last far longer and drop far deeper than many investors may be prepared for, testing even the long-term investor's resolve."
What might one do ... click on the link and read more of the newsletter.
http://funds-newsletter.com/oct14-newsletter/oct14.htm

Thanks. The webcast transcript highlights the differences in the portfolios of the two funds much more precisely, but the reasoning is still not entirely clear. The scope of DSL seems to be more global/emergings mkts oriented but both seem to be go anywhere. The transcript for the webcast is here:
http://doublelinefunds.com/pdf/3-25-14_Webcast_Recap.pdf

on sep 16, Gundlach had a webcast about DSL and DBL at doublelinefunds.com. Did you listen to it? Might have answer you are looking for.

on sep 16, Gundlach had a webcast about DSL and DBL at doublelinefunds.com. Did you listen to it? Might have answer you are looking for.

looks like Mather will make final call (from interview).
http://www.pimco.com/EN/Insights/Pages/PIMCO-Total-Return-Update-2014.aspx

Can't stand the "Alphabet Soup" nonsense in some mutual funds, especially the load funds

As I wrote in another thread, this Janus fund has seven classes. Vanguard, a pure noload family, has six share classes on some of its funds - Investor/Admiral, Institutional/Institutional Plus, Signal, and ETF.
This isn't a phenomenon that is so much worse at load funds. Is seven share classes that much different from six? At least with Janus, you only have to think about one share class (T). Contrast that with threads on Vanguard: which share class is better - Investor/Admiral/ETF?
Some Fidelity funds are sold in Advisor classes as well as retail classes, so that they have six share classes also (e.g. FFHRX, FFRAX, FFRBX, FFRCX, FFRIX, FFRTX) - retail, Advisor A, Advisor B, Advisor C, Advisor I, and Advisor T. That's not to mention all the clones for annuities, for Fidelity's internal use (funds of funds, etc.), and so on.
Many families do this. The proliferation of classes may seem more apparent in load funds because A,B,C,I are well known and (except for I) targeted at retail investors, while classes like Institutional Plus and Signal (at Vanguard) are not ones that one normally thinks about.
Nevertheless, the broth may be just as thick at some familiar noload families as at load families.

... Unconstrained Bond Fund ... Share Classes are A, B, C, D, I, N, T, R, S. Classes I (institutional) and N (not sure what it stands for) have the least expensive ratio. ... I am thinking of placing some money in the fund (assuming I can get in Classes I or N) and there is no transaction fee. I checked Vanguard and Schwab and they do not offer the classes I am interested in .

As rjb112 listed in another thread the fund has "only" seven share classes - no B shares, no R shares. (Almost no fund sells B shares anymore, and likely no new fund is going to create that share class.) You can find my summary of who the seven share classes are for in my followup to rjb112's post.
I tried to paraphrase and summarize Janus' descriptions of its share classes. If you'd like Janus' official descriptions, you can find them (except for D, but including R) in the prospectus for Janus Flexible Bond Fund, Shareholder Guide Section here.
The D class shares are grandfathered for investors who already have investments directly through Janus (not through a broker/retirement plan). If that's not you, you don't need to think about them, you can't get in.
It's really very simple - if you're a new retail investor, and you don't want to pay a load, you'll buy T shares. End of story. Janus is not like PIMCO, where you might be able to get Institutional Share class shares if you go through the right broker, or you might buy D shares, or ???

"Up to 30 percent of Pimco's assets could now leave the firm, Sanford Bernstein estimates. "
Would that be the 30% give or take that left Pimco Total Return ($292B to $221B in the 16 months ending 8/31) because Gross was managing it, or the 30% that may leave because he will no longer be managing it?
As the article points out, people look not only at the name but at the performance. When Gundlach left TCW, he was at the top of his game; Gross has been at best mediocre for several years. So what I expect to see in columns is evidence of confirmation bias - each writer will read into the numbers whatever he or she wants. It won't be easy to sort out the root causes of money movement, and the financial "reporters" won't even be trying.
My own personal bias is that I believe good performance (to the extent it is based on skill) is due to a combination of skills of the whole team - analysts as well as the fund manager(s). They serve different roles all of which are needed. Gundlach took a good chunk of his team with him (or so I understand). I don't expect Gross to have as much success with that.
I look at Mutual Series - many people expected it to fall apart after it was acquired by Franklin and Michael Price gradually faded away then left. But the funds performed quite admirably, especially in the first several years after the Price era. The organization seemed to hold together.
And speaking of Mutual Series, how did another wonderkind fare - David Winters? He was supposed to do great things and draw all sorts of money. His fund has subpar performance. He has drawn over $1B in investment, which gets him into the top quintile of World Stock funds by assets. But he didn't seem to draw money from his old charges at Mutual Series (MDISX - $26B, MQIFX - $6B).
Where I think Gross does have an advantage is curiously where most commentators criticize him - management experience. When these other fund managers left, they had to form whole new organizations - using skills that for them were untested. Gross, though he's joining an existing family (Janus), is being given his own playpen to build. So he still needs to apply organization building skills. That's something he has experience doing - having built PIMCO.
I keep writing because I think there are a lot of different facets here, and everyone (including myself) is going to pick and choose. Raw numbers (outflows, inflows, performance) alone won't tell the story. Anecdotes won't either. We need to keep everything in mind when guessing what will transpire, or analyze what did happen six months down the road.

Another fund with few stocks is Cobyx (I think) which is Cook and Bynum. Last time I looked at its website the fund was holding 8 stocks. Take COBYN and Fairholme and you can be a portfolio manager - - just keep up with their website postings and read this forum for updates.

Found it, COBYX, 7 stocks.....

Gross is now the manager of Janus Unconstrained Bond Fund which started in May 2014 and has, depending on the share class, about $13 million. Share Classes are A, B, C, D, I, N, T, R, S. Classes I (institutional) and N (not sure what it stands for) have the least expensive ratio. Class I is .84 and Class N is .82; there is a waiver on OER until 11/2015. I am conservative investor, don't sell or buy much, don't chase trends but I must admit I am thinking of placing some money in the fund (assuming I can get in Classes I or N) and there is no transaction fee. I checked Vanguard and Schwab and they do not offer the classes I am interested in .

Agree with VF & Skeet.
I posted a link recently that lists BIll Gross as one of the top 10 money managers of all time. It met with decidedly unenthusiastic response - for understandable reasons.
Making money over time in bonds must be incredibly difficult. Unlike equities, which inevitably rise over very long periods, bonds don't inevitably go up. (Interest rates fluctuate in both directions over longer periods). Yes, they'll yield the "coupon" to maturity - but not the type of positive returns Gross has generated.
So, we need to separate Gross's investment savvy (of which he has plenty) from the personal issues which have contributed to his current situation. And, I think folks here have done a good job separating the two. But, we're human. Guess there's something entertaining about seeing the King handed his head on a platter.
:)

I propose a global meeting of mutual fund companies to institute a coordinated effort to reduce over time the number of funds worldwide. This would be similar to the strategic weapons reduction agreements negotiated among nations.
Rather than reading about "Two New T. Rowe Price Funds" every six months or so, the headline would read: "T. Rowe Removes Another Fund From Its Arsenal."

ROFL. I think a Global Meeting of all investors voting with their feet to "retire" unnecessary actively managed funds may be more effective. That said, I'm with you 100% as regards to the entire mutual fund population, not just TRP.

@rjb112, I clicked on Mark Hulbert's name as the author of the Marketwatch article and another copy of the article came up, with a graph at the beginning. At the end of that article was a comment button, which when clicked brings up lots of comments. Apparently they didn't like all the comments so they hid it well :)