Jupiter’s Richards Shuns Treasuries as High Yields Lure Rivals
🇬🇧 English
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
🇸🇦 العربية
رفض ريتشاردز للسندات الحكومية الأمريكية مع جذب العوائد العالية للآخرين
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
لماذا قام هاري ريتشاردز بتقليل التعريض لسندات الخزانة الأمريكية؟
يعتقد ريتشاردز أن السوق الأمريكي، الذي يدفعه طلب ذو صلة بالذكاء الاصطناعي، مسعور أكثر من حيث يتعلق بآفاق النمو. رؤيته عوائد أكثر جاذبية معدلة بالمخاطر في سندات اقتصاديات ذات نمو أكثر هبوطاً وإمكانات لتوقعات خفض الفائدة، مثل المملكة المتحدة وألمانيا ونيوزيلندا.
🇧🇩 বাংলা
রিচার্ডস রিজেক্টস ট্রিজারিজ হাই ইয়িল্ড ড্র করে আনয় অন্যদের
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
কেন হ্যারি রিচার্ডস ইউএস ট্রেজারির ঝুঁকি কমিয়েছেন?
রিচার্ডস বলেন যে ইউএস বাজারটি, যা শক্তিশালী AI-সংক্রান্ত চাহিদাদ্বারা চালায়, বৃদ্ধির সম্ভাবনার সাপেক্ষে খুবই মূল্যবান। তিনি মনে করেন যে মুক্ত বৃদ্ধি ও দর কাটা আশাকে সমর্থন করে এমন অর্থনীতিগুলিতে বিনিয়োগ করা আরও আকর্ষণীয় ঝুঁকি-সমন্বয়িত রিটার্ন পায়, যেমন UK, Germany এবং New Zealand।
🇩🇪 Deutsch
Richards lehnt Treasury-Titel ab, während hohe Renditen andere anziehen
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
Warum hat Harry Richards die Exposition gegenüber US-Treasuries reduziert?
Richards glaubt, dass der US-Markt, angetrieben durch starke KI-bezogene Nachfrage, im Vergleich zu Wachstumsprognosen zu hoch bepreist ist. Er sieht attraktivere risikobereinigte Renditen in Anleihen von Volkswirtschaften mit schwächerem Wachstum und Potenzial für Zinsschnitserwartungen, wie dem Vereinigten Königreich, Deutschland und Neuseeland.
🇪🇸 Español
Richards rechaza Bonos del Tesoro con altos rendimientos que atraen a otros
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
¿Por qué Harry Richards ha reducido la exposición a los bonos del Tesoro de EE. UU.?
Richards cree que el mercado estadounidense, impulsado por una fuerte demanda relacionada con la IA, está sobrevalorado en relación con las perspectivas de crecimiento. Ve devoluciones más atractivas ajustadas al riesgo en bonos de economías con crecimiento más suave y potencial para expectativas de recortes de tipos, como el Reino Unido, Alemania y Nueva Zelanda.
🇫🇷 Français
Richards rejette les T-Bills tandis que les hauts rendements attirent d'autres
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
Pourquoi Harry Richards a-t-il réduit l'exposition aux obligations du Trésor américain ?
Richards estime que le marché américain, soutenu par une forte demande liée à l'IA, est surévalué par rapport aux perspectives de croissance. Il voit des rendements plus attractifs ajustés au risque dans les obligations d'économies à croissance plus faible et avec un potentiel de baisse des taux, comme le Royaume-Uni, l'Allemagne et la Nouvelle-Zélande.
🇮🇳 हिन्दी
रिचर्ड्स ने हाई यील्ड को आकर्षित करते हुए अमेरिकी ट्रीसरीज़ को ठुक़ेला
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
क्यों हैरी रिचर्ड्स ने अमेरिकी ट्रीसरीज़ के साथ जोख़िम कम कर दिया है?
रिचर्ड्स का मानना है कि अमेरिकी बाज़ार, जो मजबूत AI-संबंधी मांग द्वारा समर्थित है, विकृति के संदर्भ में बहुत अधिक मूल्य पर है। वह उन अर्थव्यवस्थाओं के बांधुड़ी में अधिक आकर्षक जोख़िम-समायोजित रिटर्न देखते हैं जिनमें मुँदलीय विकास और दर-कट की उम्मीदें हैं, जैसे कि UK, Germany और New Zealand।
🇮🇩 Bahasa Indonesia
Richards menolak Treasury dengan tinggi hasil yang menarik orang lain
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
Mengapa Harry Richards mengurangi eksposur terhadap Treasury AS?
Richards percaya bahwa pasar AS, yang didorong oleh kuatnya permintaan yang berkaitan dengan AI, sudah terlalu tinggi dibandingkan dengan prospek pertumbuhan. Ia melihat pengembalian yang lebih menarik yang disesuaikan dengan risiko dalam obligasi dari ekonomi dengan pertumbuhan yang lebih lembek dan potensi untuk ekspektasi pemotongan suku bunga, seperti UK, Jerman, dan Selandia Baru.
🇯🇵 日本語
リチャーズ氏 高利回りで他人を引き寄せながら国債を拒否
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
なぜハリー・リチャーズ氏は米国国債への投資を減らしたのですか？
リチャーズ氏は、強力なAI関連需要によって牽引される米国市場は成長見通しに比べて過度に評価されていると考えています。彼は、UK、ドイツ、ニュージーランドのような成長が鈍化し、利率引き下げ期待がある経済の債券に、より魅力的なリスク調整後のリターンがあると見ています。
🇧🇷 Português
Richards rejeita Tesouro com altos rendimentos que atraem outros
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
Por que Harry Richards reduziu a exposição aos títulos do Tesouro dos EUA?
Richards acredita que o mercado dos EUA, impulsionado por forte demanda relacionada à IA, está sobrevalorizado em relação às perspectivas de crescimento. Ele vê retornos mais atrativos ajustados ao risco em títulos de economias com crescimento mais brando e potencial para expectativas de corte de taxas, como o Reino Unido, Alemanha e Nova Zelândia.
🇷🇺 Русский
Ричардс отверг облигации с высокой доходностью, привлекая других
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
Почему Гарри Ричардс сократил позиции в облигациях США?
Ричардс считает, что рынок США, поддерживаемый сильным спросом, связанным с ИИ, переоценен по сравнению с перспективами роста. Он видит более привлекательные доходы, скорректированные на риск, в облигациях экономик с более мягким ростом и потенциалом для ожиданий снижения ставок, таких как Великобритания, Германия и Новая Зеландия.
🇨🇳 简体中文
Richards拒绝美国国债 高收益吸引其他投资者
Harry Richards of Jupiter Asset Management has sold virtually all U.S. Treasuries, favoring UK and New Zealand bonds as he sees better value elsewhere. While rival funds like PIMCO and Morgan Stanley have turned more positive on U.S. debt amid yields near 5.08%, Richards argues that the AI‑driven U.S. economy is overvalued and that slower‑growth markets such as the UK, Germany and New Zealand offer upside if rate‑cut expectations emerge. He notes that the 10‑year Treasury yield has risen to its highest level since 2002, driven by energy price spikes and Fed rate‑hike bets, while his strategic bond fund delivered a 5.4% one‑year return versus a 3.8% benchmark gain. Traders have trimmed expectations for an October Fed hike to under 15% after Fed Chairman Kevin Warsh’s Bangkok remarks, reinforcing Richards’ view that bond demand may shift toward economies with weaker growth and tighter labor markets.
Key takeaways:
- Richards has largely exited Treasuries, targeting UK gilts and New Zealand debt.
- U.S. yields near 5% and AI‑driven growth are seen as over‑priced.
- Rival funds are more bullish on Treasuries, but Fed policy uncertainty persists.
- Jupiter’s bond fund outperformed its benchmark over one and three years.
Why has Harry Richards reduced exposure to U.S. Treasuries?
Richards believes the U.S. market, driven by strong AI‑related demand, is priced too high relative to growth prospects. He sees more attractive risk‑adjusted returns in bonds from economies with softer growth and potential for rate‑cut expectations, such as the UK, Germany, and New Zealand.