Pimco’s flagship GIS Income fund, Europe’s largest, has posted outflows of more than €8bn this year as investors seek to bank profits and reduce their exposure to bonds.

The bond fund, which is managed by chief investment officer Dan Ivascyn and Alfred Murata, was the best-selling mutual fund in Europe last year. However, it experienced its first month of net outflows in February this year, ending 39 consecutive months of inflows.