Pimco's Gross: "Never" short U.S. Treasuries: report

16/05/2011 - 14:33

NEW YORK (Reuters) - Pimco's Bill Gross, the manager of the world's largest bond fund, said on Monday it was a "misconception" the firm was short U.S. Treasuries, saying they never actually bet against U.S. Treasuries.

Gross told CNBC the firm was "very underweight" the U.S. Treasury market and holds other bonds that are doing better than Treasury securities.

The company's Web site in May showed Pimco's $240 billion Total Return fund was short U.S. government-related debt -- this includes Treasuries, TIPS, agencies, interest rate swaps, Treasury futures and options, and FDIC-guaranteed corporate securities.