Bill Gross just released a letter in which he apologized to investors for the poor performance of Pimco Total Return. For the year, Pimco has underperformed its index, the BarCap Aggregate Bond by more than four percentage points.
http://blogs.marketwatch.com/fundmastery/2011/10/14/pimco-bill-gross-apologize-for-poor-performance/
http://blogs.marketwatch.com/fundmastery/2011/10/14/pimco-bill-gross-apologize-for-poor-performance/