Sept. 25, 2002 -- Pacific Investment Management Co. said Benjamin Trosky, who has managed the PIMCO Funds:High Yield Fund/A (PHDAX) since its inception in December 1992, will retire by the end of the year.
Raymond Kennedy, the co-manager of the $3.8-billion fund, will continue as its sole manager, the fund company said.
Trosky is retiring to spend more time with his family, said Andrew Myers, a PIMCO vice president for marketing. Trosky could not be reached for comment.
The fund's investment style will not differ under Kennedy, Myers said. "It should be a transparent change," he said.
The fund returned 1.8% on average for the five years ended in August, while its peer low-quality bond funds lost 1%.