Pacific Investment Management Co. (Pimco), the worldâ??s biggest bond fund, cut government debt holdings and boosted cash to the most since Lehman Brothers Holdings Inc. collapsed in 2008.Bill Gross, who manages the $199.4bn Total Return Fund at Pimco, increased cash to 7 percent in November from negative 7 percent in October, according to Pimcoâ??s Web site. The fund can have a so-called negative position by using derivatives, futures or by shorting. He reduced government-related securities to 51 percent from a five-year high of 63 percent in October.
Gross also cut holdings of mortgage securities to 12 percent, the lowest since Pimcoâ??s figures started in 2000, from 16 percent, according to the Web site.
The Total Return Fund gained almost 17 percent in the past year.
