Pimco doubles down on FX forwards trades in Q1

Counterparty Radar: Pimco accounted for nearly 60% of all notionals added by mutual funds

Increased portfolio activity

Pimco nearly doubled the size of its foreign exchange forwards portfolio in the first quarter of 2024, where it now commands almost a fifth of the market.

This increased activity – from $114 billion in the fourth quarter of 2023 to $211 billion – helped drive much of the growth in mutual funds’ forwards books, accounting for nearly 60% of all notionals added by asset managers.

The California-based fund manager’s actions had a notable effect on a multitude of dealers, as Pimco yielded four of the

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