Jeffrey Gundlach, one of the world's leading bond fund managers, has reversed his stance on government debt, saying he has bought "more long-term Treasuries in the last month" than in the last four years.
Gundlach said he started buying benchmark 10-year U.S. Treasury notes in the last month after yields popped above 2 percent, because he sees value there relative to other asset classes, including stocks, which he said are "overbought."
Continue Reading Below
"I bought more long-term Treasuries in the last month than I've bought in four years," said Gundlach, chief investment officer and chief executive officer of DoubleLine Capital in Los Angeles. "I am a fan of Treasuries now. I wasn't a fan of Treasuries in July."
Gundlach also said he remains short the Japanese yen and long the Japanese stock market.
(Reporting By Jennifer Ablan; Editing by Dan Burns and Jan Paschal)