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Bond Manager Who Called Dollar’s Slide Says ‘It’s Not Too Late To Move Out of U.S. Bonds' (GOBAX)
FYI: In March of last year, Jack McIntyre, a portfolio manager with BrandywineGlobal, said the dollar was “starting to roll over” and suggested investors move their money into emerging-market sovereign bonds.
This turned out to be a very good call, as the $3.6 billion Brandywine Global Opportunities Bond Fund GOBAX, +0.35% had a total return (with dividends reinvested) of 12.3% for its Class A shares (excluding sales charges), compared with a return of 3.7% for the Bloomberg Barclays Global Aggregate bond index (in U.S. dollars). Its big moves away from the benchmark on asset allocation as well as the currency hedges it used explain the outperformance. Regards, Ted
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