Jupiter Asset Management has removed all U.S. Treasury holdings from its flagship bond fund, redirecting capital toward European sovereign notes and boosting its emerging‑market exposure.

The move trims duration risk linked to the 10‑year Treasury curve and places the portfolio in currencies that have recently outperformed the dollar. European bonds offer higher yields and a broader issuer base, while the additional emerging‑market allocation adds growth upside.

Funds that follow Jupiter’s lead may signal a broader test of U.S. Treasury dominance amid rising inflation and Fed tightening. The shift could trigger liquidity outflows from the U.S. Treasury market and affect secondary discrimination.

Portfolio managers will need to monitor changes in duration, credit risk, and yield spread as they adjust positions for the anticipated rate hike cycle Canarias.