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London & Capital Adds Treasuries, Bunds in Bet on Slow Growth

July 28 (Bloomberg) -- London & Capital Group Holdings Plc, a U.K. fund manager, bought more U.S., German and British debt in the past six weeks, betting the nations’ efforts to control deficits will hamper growth and keep interest rates low.

“Countries are grappling with the difficulties of containing debt so there’s little scope for interest rates to go higher,” Sanjay Joshi, who oversees about $500 million as a portfolio manager at the London-based company, said in an interview. “We increased our allocation of government bonds including five-year Treasuries, bunds and gilts.”

U.S. debt handed investors a 6.1 percent profit so far this year and German debt returned 5.9 percent, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies, as Greece’s debt crisis and signs global growth is slowing boosted demand for the assets. Data yesterday showed confidence among U.S. consumers fell in July to a five-month low as unemployment hampered expansion.

“‘We have a constructive outlook on government bonds because of the low growth, low inflation and low interest-rate outlook,” Joshi said.

To contact the reporter on this story: Paul Dobson in London at

To contact the editor responsible for this story: Daniel Tilles at

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