Pimco Fund Beating 97% of Peers Cuts ‘Mag Seven’ to Bet on Asia

A portfolio manager at Pacific Investment Management Co. reduced the fund's allocation to the "Magnificent Seven" technology stocks and increased positions in Asian equipment suppliers, Chinese financial companies, and healthcare stocks. The fund has outperformed 97 percent of peers in its category. The manager cited a shift in focus toward Asian markets as the basis for the portfolio changes.

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