Pimco says it has cut its non-dollar developed market debt weighting to 13% from 18%.
I doubt they are long a lot of low-yielding JGBS. They’ve called gilts “toxic” or something like that. They’ve long touted their love for German bunds. My guess is they must love them a bit less if they have sliced their weightings that aggressively.
UPDATE: Treasuries have been upped to 36% of the Total return portfolio, from 33%.
CAD and AUD holding may have been trimmed as well, I’d hazard a guess.
