Jupiter's Bezalel 'most bearish in a decade' as he preps fund for recession

De-risks in favour of US Treasuries

Manager of the Jupiter Strategic Bond fund Ariel Bezalel is at his "most bearish in a decade" and has begun increasing exposure to US Treasuries, warning a global recession could hit within 18 months.

Bezalel, who has managed the £3.9bn fund since 2008, said there are a variety of issues facing global markets, such as disappointing European growth, challenging demographics in a number of countries, growing dollar-denominated debt across the world, and global yield curve inversions. Lehmans 10th anniversary: How important has quantitative easing been to asset prices and what happens next? Speaking at a Chelsea Financial Services/FundCalibre investment dinner, he explained: "If you look at the structural problems in the world today, they are significantly worse than they were in 2007...