Templeton Enlarges Bet Treasuries Are Doomed by Rising Rates
- Global bond fund cuts duration deeper into negative territory
- Wager dominates Michael Hasenstab’s flagship portfolio
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Michael Hasenstab has been waiting since at least 2016 for his wager on rising U.S. rates to come good. Now he’s adding to the position.
The Franklin Templeton bond chief, known for staking vast sums on conviction trades, has been loading up on wagers that protect against a spike in yields in his $38 billion flagship Global Bond Fund. The move has pushed average duration in the portfolio to the shortest on record.