Bill Gross suffers worst day since fund launch

Bill Gross's $2.1bn Janus Henderson Global Unconstrained Bond fund had its largest one-day fall since its launch in 2014 on Tuesday, as bond markets were rocked by the ongoing political crisis in Italy.

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Partner Insight: Markets hold steady amid uncertainty

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund, provides an overview of the macroeconomic environment and outlines his views across the strategy’s main alpha sources. Despite geopolitical tensions and economic concerns, market sentiment remains resilient, with short-lived volatility spikes and credit spreads rallying in recent weeks. Against this backdrop, he highlights why his highest conviction forex position is a short US dollar against a basket of emerging market currencies.

Mike Riddell, portfolio manager of Fidelity Strategic Bond Fund

22 July 2025 • 5 min read