Bond guru Bill Gross has been sounding bearish on U.S. debt in recent interviews, and The New York Times reports that in addition to talking the talk, he’s also been walking the walk.

Gross’ flagship PIMCO Total Return Fund now has only about 30% of its assets in U.S. government debt, the lowest level in its 23-year history, according to the Times. That’s down from about 50% just nine months ago.

Gross is wary of U.S. Treasuries because the economic recovery will likely push interest rates higher, as will the government’s huge increase in debt over the past couple years, according to the Times. He’s been selling U.S. debt in favor of debt from Europe — particularly Germany — and from developing countries like Brazil.