PIMCO Total Return ETF (NYSEArca: BONDand the giant mutual fund of the same name are both managed by Bill Gross, but that doesn’t mean the portfolio holdings always line up exactly.

Gross increased his bet on Treasuries in April.

In April, the Total Return Fund raised its allocations in U.S. government securities to 39% from 33% in March, reports Susanne Walker for Bloomberg. [Where ETFs and Mutual Funds Diverge]

However, at the end of April, the ETF version BOND had only 24% in Treasuries, according to PIMCO’s website.

Treasuries “are a better alternative than cash,” Gross wrote in a monthly investment outlook. “Current policies come with cost, even as they magically float asset prices higher. Negative real interest rates, inflation, currency devaluation, capital controls and outright default” could result from global central banks’ monetary stimulus measures.

The fund manager increased mortgage holdings to 34% in April from 33% in March. The Total Return Fund’s emerging market debt allocation was increased to 8% from 7%.

On the other hand, non-U.S. developed nations’ debt was reduced to 10% from 11% and investment-grade credit holdings were down to 7% from 9%.

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