Stick With US Treasuries (by Charles Gave, GaveKal Capital) - US treasuries have maintained their stellar performance in the first three trading sessions of...

Stick With US Treasuries (by Charles Gave, GaveKal Capital) - US treasuries have maintained their stellar performance in the first three trading sessions of 2015 with yields of both the 10-year and 30-year declining more than 20bp. A year ago I advised strongly for investors to buy long-dated treasuries. But last month I suggested a tilt toward shorter duration portfolios due to the changed macro environment and more challenging valuations (see Managing Bonds In A Strong Dollar World). In light of recent developments, it is worth reassessing this argument. When looking at an asset I review three parameters: (i) fundamentals; (ii) valuation levels and, (iii) the technical picture. Let's review these factors in the case of 30-year US treasury bonds: (VIEW LINK)


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