He’s still banking on what he’s calling the “trade of the year,” which is a bet that German bond prices will fall while U.S. Treasurys will rise.
“One of these days, and hopefully soon, that difference has got to be narrowed,” he said. “In the meantime, there’s some volatility as the bund does better based upon weakness in Italy … or as Treasury [yields] go up based on upon a Fed decision.”
Meanwhile, Gross’ bond fund posted $300 million in withdrawals in the month of May, data from research service Morningstar showed Tuesday.
The fund had assets of $2.1 billion at the end of April.
“Investing requires patience,” Gross said. “This is a trade that will work out.”
— CNBC’s Tae Kim and Reuters contributed to this report.