This Is What It Looks Like When PIMCO Investors Start Rushing For The Exits

Bill Gross is leaving PIMCO for Janus Capital.

Gross is leaving the firm after a period of turmoil at PIMCO and will take over the Janus Unconstrained Bond Fund, which currently has about $13 million in assets under management. At PIMCO, Gross managed the Total Return Fund, which has more than $221 billion in assets under management.

On Friday following the news, several of PIMCO's closed-end funds were taking it on the chin. US-listed shares of Allianz, which owns PIMCO, were also down more than 6.5% on Friday.

A closed-end bond fund has a few traits that make it vulnerable in a moment like this. For one, closed-end funds can't accept new money after they begin trading on an exchange.

Also, they trade on an exchange. Unlike a traditional open-end mutual fund, a closed-end fund is listed on a stock exchange and trades like a stock, trading usually either at a discount or premium to its net asset value.

The drop in PIMCO's closed-end funds also comes after a report from AllianceBernstein said it expects assets under management at PIMCO to fall 10%-30% in the wake of Gross' departure.

Here is the ugly action in a few of PIMCO's closed-end funds as investors rush for the exits.

Here's the PIMCO High Income Fund, down more than 8.5% in trading on Friday.

The PIMCO Income Opportunity Fund is down 2%.

The PIMCO Dynamic Income Fund is down about 2.5%.

And the PIMCO Dynamic Credit Income Fund is down 1.8%.

Tough day for PIMCO.