The Newport Beach, California-based asset manager had at least $1.5 billion of sovereign debt, according to the latest fund filings compiled by Bloomberg. It had also placed about $1 billion of bets on Russia via the credit-default swap market as of Dec. 31, according to fund documents on its website. The Financial Times reported the holdings earlier on Thursday and said Pimco faces billions of dollars of losses should Russia default on its debt.
The majority of Pimco’s swaps sit in its $140 billion Income fund, run by Chief Investment Officer Dan Ivascyn, alongside Alfred Murata and Joshua Anderson. The fund disclosed that it had written almost $942 million of protection on Russia by the end of 2021. The other funds holding positions include Pimco’s Total Return bond fund, its Emerging Markets bond fund, and Low Duration income funds.

For the 2020 federal fiscal year, all 50 states came out ahead. That included New York, which got a return of $1.59 for every tax dollar sent to Washington, a dramatic increase from the 91 cents it received in 2019...
Every state – and particularly hard-hit New York – received large sums of COVID-era relief at the height of the pandemic, buoyed by programs like the Payroll Protection Program for businesses and nonprofits. States also received a boost in unemployment benefits for out-of-work Americans. The extra federal funds contributed to a projected $5 billion surplus in New York’s budget this year.
It was a period that saw Congress and then-President Donald J. Trump pass the CARES Act, a $2.2 trillion package that authorized $1,200 direct stimulus payments to most Americans. ...
While New York netted $7,236 per resident on a per-capita basis, 39 states fared better. New Mexico ranked best at $16,999; New Jersey ranked last at $4,454.
... While various COVID relief programs have continued into 2021 and 2022 – helping bolster the state government’s financial footing – they will ultimately run out and return New York to its status as a “donor state.”