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For the second year in a row, Orange County bond managers did better than their counterparts who invested in stocks in 2001, according to local money managers.
Newport Beach-based Pacific Investment Management Co., the nation's largest bond -fund manager, saw most of its funds report gains last year. PIMCO's Emerging Market Bond fund saw a 27.84% return last year-the best of any bond fund, according to Mohamed El-Erian, PIMCO's managing director and fund manager.
PIMCO's Total Return Bond Fund, managed by William Gross and the firm's largest with more than $40 billion under management, was up by 9.22% for the year.
Huntington Beach-based Allegiance Capital Inc.'s portfolio of investment grade bonds was up 7.86% during the year, according to Robert Southard, managing director.
"For us it was extremely good year," he said.
For stock investors, 2001 wasn't so memorable.
Roger Palley, portfolio manager and national director of value strategies at Wells Fargo &...