Bond investors need to revise their expectations of the returns they can make in the years ahead, said Scott Mather, one of three Pimco managers who run the firm’s Total Return Fund following the shock exit of co-founder Bill Gross last month. Pimco’s flagship Total Return Fund has seen heavy outflows since Gross announced last month he was leaving the Newport Beach, California-based firm he started in the 1970s to join smaller rival Janus Capital Group. Pimco is a unit of German insurance group Allianz.