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How a $139 Billion Fund Is Trading the Trade War

  • AMP Capital started buying long-end U.S. debt six weeks ago
  • “The best is probably behind us,” Ilan Dekell says of growth

Photographer: Peter Parks/AFP via Getty Images

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In a bid to beat the trade war, a $139 billion Australian investment manager is using 30-year Treasuries as its weapon of choice.

The ultra-long bonds are seen as a hedge to protect the portfolios of AMP Capital Investors Ltd. against the risks stemming from the U.S.-China trade frictions and less-synchronized global growth, according to Ilan Dekell, the head of macro for global fixed income at the asset manager.