Why M&G's Leaviss has stopped shorting the yen

clock

Jim Leaviss, head of retail fixed income at M&G, has removed his short position on the yen in his £688m Global Macro Bond fund following the dramatic sell-off in the Japanese currency.

The yen hit a four-year low against the US dollar of ¥99.01 last week, but many bond managers are continuing to aggressively short the currency in the view it will depreciate further. Hedge fund managers including George Soros are also among those betting against the currency, with shorts on the yen last week reaching a five-year high, according to the US Commodity Futures Trading Commission. As reported in this week's Investment Week a number of UK strategic bond managers are short the yen, including Schroders' Gareth Issac, who said the yen is trapped in a structural bear market. ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Stories of the Week: Home REIT;  Woodford resurfaces; Hipgnosis Songs Fund agrees sale

Stories of the Week: Home REIT; Woodford resurfaces; Hipgnosis Songs Fund agrees sale

Home REIT; Woodford; Hipgnosis: The biggest stories from the world of investment and asset management this week

Sarka Halas
clock 19 April 2024 • 1 min read
Stories of the Week: Shareholders approve LGIM property fund restructure; FCA issues warning notice to Neil Woodford; US inflation spike

Stories of the Week: Shareholders approve LGIM property fund restructure; FCA issues warning notice to Neil Woodford; US inflation spike

LGIM; FCA; US inflation: The biggest stories from the world of investment and asset management this week

Sarka Halas
clock 12 April 2024 • 1 min read
Partner Insight: Is there opportunity for high yield in today's new economic era?

Partner Insight: Is there opportunity for high yield in today's new economic era?

High-yield investors face a challenging backdrop, but attractive opportunities are starting to emerge amid the ongoing uncertainty, says Wellington Management’s Konstantin Leidman.

Sarka Halas
clock 09 April 2024 • 2 min read
Trustpilot