Investors pulled money from Jeff Gundlach's main fund for the first time since January 2014

REUTERS/Brendan McDermid

Jeff Gundlach's investors are reportedly shifting money out of his main bond fund.

According to Jennifer Ablan at Reuters, Gundlach's main fund — the DoubleLine Total Return Bond Fund — had a net outflow of $33.2 million in the month of October. According to Ablan, this is the first net outflow for the fund since January 2014.

The Total Return Fund is the largest of DoubleLine's funds, with assets totaling $61.6 billion.

Gundlach also told Reuters that rising rates will lead to more outflows in bonds.

Other DoubleLine funds did see inflows during the month, including  $166.5 million into the DoubleLine Core Fixed Income Fund and $77.3 million into the DoubleLine Shiller Enhanced CAPE fund, according to Ablan.

The 10-year Treasury yield has jumped 20 basis points in the past month from 1.62% to around 1.82% on Tuesday. With the Federal Reserve poised to raise interest rates and bonds recently hitting all-time lows, the sell-off in bonds (and thus a rise in yields) has become a popular theme among strategists and market watchers.

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