Economics
A Fund That Beats 98% of Its Peers Is Shorting the Dollar
- BNY Mellon’s Murphy favors Japanese yen and Norwegian krone
- Portugese government bonds were biggest contributor to gains
This article is for subscribers only.
A bond fund manager who beat global peers over the past year is shorting the dollar on expectations economic growth outside of the U.S. will strengthen.
The greenback will slip against most major currencies as nations from Japan to the U.K. see better growth, spurring higher rates in those markets, said Brendan Murphy, head of global and multi-sector fixed income at BNY Mellon Asset Management North America. Murphy, who manages the $1.1 billion Dreyfus International Bond Fund, is shorting the dollar in favor of long positions across currencies including the Japanese yen and Norwegian krone.