Vishal Khanduja, a senior bond investor at Morgan Stanley Investment Management, has turned bullish on U.S. bonds for the first time in 10 years as yields climbed to their highest level in two decades and began to weigh on economic growth. Khanduja, one of the firm’s better-performing bond investors, co-manages the $4.1 billion Eaton Vance Total Return Bond Fund with Brian Ellis. As of June, the fund had lifted its duration, a measure of interest-rate risk, to 6.07 years. Khanduja, who leads the broad markets fixed income team, said this was the first time in more than 10 years that the fund had taken an overweight duration position. The move points to a notable shift in stance after an extended period without such positioning.
Vishal Khanduja of Morgan Stanley Investment Management has turned bullish on U.S. bonds for the first time in a decade.
The shift came as yields rose to their highest level in 20 years and started to restrain economic growth.
Khanduja co-manages the $4.1 billion Eaton Vance Total Return Bond Fund with Brian Ellis. As of June, the fund had increased its duration to 6.07 years, a measure of interest-rate risk.
Khanduja, head of the broad markets fixed income team, said it was the first time in more than 10 years that the fund had been overweight duration.
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