Gross Says Brexit Vote Benefits ‘Safe Haven Bonds’ Over Equities

Bill Gross.

Photographer: Patrick T. Fallon/Bloomberg

Bond manager Bill Gross said preliminary returns in the Brexit referendum are putting free-trade and immigration policies at risk.

“Obviously safe haven bonds instead of equities will benefit,” Gross, manager of the $1.4 billion Janus Global Unconstrained Bond Fund, said in an e-mail.

“Populists storm the City’s gates. One person/one vote displaces one pound/one vote as the new U.K. mantra,” he said. “There will be others. Global economies may quickly molt their free trade skins and immigration policies are at risk.”

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