Bill Gross keeping his municipal- debt holdings in September at the highest since at least 2006 lends confidence to a market on a pace to beat Treasuries for a second straight year.
Gross, 68, directed 5 percent of the $278 billion Total Return Fund, the world’s biggest bond fund, to state and local debt last month. It’s the first time he’s held that high a percentage of munis in consecutive months since at least 2006, according to data released Wednesday by Gross’s firm, Pacific Investment Management Co.
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