GLOBAL - Invesco Asset Management's duration in bonds remains moderately long versus the JP Morgan Government Benchmark, according to Invesco's head of global bonds Mark Dowding.
Bond markets declined in December as impetus behind the US recovery gained pace. Invesco believes the global economy will recover sooner than expected but remains cautious about the strength of the upturn in the US.
The fund manager has reduced duration in the US to neutral but remains overweight in long-dated maturities. Overall, it remains long duration in the dollar bloc due to an overweight position in Canadian bonds. In Europe, it continues to run a long duration position and remains structurally underweight in Japan.
Dowding added that non-government bonds have become increasingly attractive given technical factors and the more positive outlook for 2002 and that Invesco has increased exposure to the asset class.
By Luke Clancy
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