BlackRock and JPMorgan Asset Management are gradually cutting exposure to U.S. fixed-income assets and adding emerging-market local-currency debt, according to a Techub report citing CryptoBriefing. Both firms see more attractive valuations in emerging-market bonds, while also targeting higher real yields.
The report said BlackRock Global Fixed Income Chief Investment Officer Rick Rieder began reducing exposure to U.S. investment-grade bonds in February 2026. At JPMorgan Asset Management, Bob Michele has expressed a positive view on emerging-market local debt because of its relatively high real yields.
The item also noted a separate warning from JPMorgan Chief Executive Officer Jamie Dimon, who previously said that persistent U.S. fiscal deficits and geopolitical risks could trigger a bond-market crisis. The report frames the portfolio shift as part of a broader preference for better-valued debt instruments outside the U.S. market.
BlackRock and JPMorgan Asset Management are gradually reducing exposure to U.S. fixed-income assets and increasing holdings of emerging-market local-currency debt in search of higher real yields, according to Techub, citing CryptoBriefing.
Both firms see emerging-market bonds as more attractively valued. The report said Rick Rieder, BlackRock's global fixed income chief investment officer, began cutting exposure to U.S. investment-grade bonds in February 2026. Bob Michele of JPMorgan has taken a positive view of emerging-market local debt because of its high real yields.
The report also referenced an earlier warning from JPMorgan Chief Executive Officer Jamie Dimon, who said persistent U.S. fiscal deficits and geopolitical risks could trigger a bond-market crisis.
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