I was watching your commentary today, you seem once again to be somewhat circumspect with regards to longer term bonds the world over, and as you have repeatedly said over recent weeks, yields are in a consistent trend higher. Why then do you continue to hold TLT, a very long duration bond that gets harder hit when yields rise, and the DoubleLine fund too? Can you explain your thinking on this front, as your commentary seems at odds with your actions, in this instance at least.

Eoin Treacy's view

Thank you for this question which I’m sure will be of interest to the Collective. The simple answer is that bond yields are still trending higher but I do not expect that condition to last. I initiated my long positions at yields I found attractive. I’ll buy more if yields go much higher from here.