PIMCO’s Total Return Fund, run by Bill Gross, has lowered its holdings of government-related debt to the lowest level since January 2009, Financial Times reports. The firm’s holdings of U.S. government-related securities fell from 22% in December to 12% in January.

The amount of U.S. government-related holdings, which includes U.S. Treasuries, is at the lowest level held by the $239 billion fund since January 2009, when it held 15% of its assets in the category. Gross kept the holdings of non-U.S. developed debt and emerging markets debt at 4% and 9%, in January, while he reduced holdings of mortgage securities three percentage points to 42% in December, adds Pensions & Investments.

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