--Gross's fund has posted strong return this year

--Gross favors oil, gold, TIPS, emerging market stocks

--Gross dislikes long-dated Treasurys, bunds, gilts

The world's biggest bond fund, run by Bill Gross, enticed $2.55 billion in new cash in November, boosting the inflow for this year to $17.1 billion.

The data, released by fund tracker Morningstar Inc. on Wednesday, signals that the $285 billion Pimco Total Return Fund (PTTRX) continues to draw new investments as Mr. Gross has churned out a return that has more than twice that from the benchmark index.

The fund has handed investors a return of 10.3% in 2012 through Tuesday, beating the 4.43% of the Barclays U.S. Aggregate Bond Index, according to data from Morningstar.

Over the past 10 years, the bond fund has returned 7%, compared with the 5.4% return on the benchmark.

Mr. Gross is founder and co-chief investment officer at Pacific Investment Management Co. Part of Allianz SE (ALIZF, ALV.XE), Pimco is one of the world's biggest asset-management companies, with more than $1.8 trillion in assets under management.

The inflow so far in 2012 was a strong rebound from an outflow of $3.6 billion for the first 11 months of 2011 when Mr. Gross was hit by soured bets on a selloff in Treasury bonds.

Still, the inflow was moderate compared to $29.3 billion for the first 11 months of 2010 and $45.8 billion between January and November of 2009.

Pimco's Total Return Fund benefited from Mr. Gross's heavy holdings of high-quality U.S. mortgage-backed securities, which account for about half of the fund.

Mr. Gross had bet the Federal Reserve would buy such bonds to support the economy since earlier this year. The Fed did launch a program to buy MBS in September.

In his December investment outlook released Tuesday, Mr. Gross reiterates his warning in recent months that investors need to adjust their mindset toward an era of much lower future annualized returns from both bonds and stocks compared to the last decades.

It is "harder to maintain the economic growth that investors have become accustomed to," said Mr. Gross in the investment outlook. "Investors should expect future annualized bond returns of 3-4% at best and equity returns only a few percentage higher."

Mr. Gross added that low return period may not last "forever" but it will be "with us for a long, long time."

In the report, Mr. Gross laid out an investing theme based on his persistent views that developed nations will have 2% or lower inflation-adjusted economic growth for the foreseeable futures while emerging markets would do better. Meanwhile, major central banks' monetary stimulus to reflate the economy likely generate inflation in the longer term, hurting the value of longer-dated government debt.

Mr. Gross favors commodities like oil and gold, Treasury inflation-protected securities whose value rises along with a gain in consumer prices, high-quality municipal bonds and non-dollar emerging-market stocks.

His dislike list includes long-dated government debt in the U.S., U.K. and Germany; U.S. junk debt and stocks of banks and insurance companies.

Write to Min Zeng at min.zeng@dowjones.com, or min.zeng@wsj.com

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