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.
来源: Bloomberg Markets · 由HeadlinesBriefing整理摘要