ETFs & Mutual Funds
Investor Behind Record $2.7 Billion Bond Bet Says Recession Near
- Northwestern Mutual Wealth made $2.7 billion June TLT purchase
- CIO Schutte says job market weakening, volatility to continue
This article is for subscribers only.
Back in June, a mystery investor made a record wager on long-dated Treasuries, creating waves in the ETF market where trading pros seek clues about sentiment on Wall Street. Now the firm behind that bet has revealed itself, and says its recession call is finally coming to fruition.
On Tuesday, Northwestern Mutual Wealth Management’s Brent Schutte said it was his company that poured $2.7 billion into BlackRock’s 20+ Year Treasury Bond exchange-traded fund (ticker TLT) on June 24, an unprecedented inflow for the largest long-bond ETF, which debuted in 2002.