'Bond King' Bill Gross Nets Millions On Treasury Market Rebound
'Bond King' Bill Gross Nets Millions On Treasury Market Rebound
"Bond King" Bill Gross may have netted millions of dollars backing the November rally in the U.S. Treasury market.
“债券之王” 比尔·格罗斯可能净赚了数百万美元,以支持美国国债市场11月的涨势。
Gross earned his "bond king" moniker while at Pacific Investment Management (PIMCO), a company he co-founded and where he managed the $270 billion Total Return Fund.
格罗斯在太平洋投资管理公司(PIMCO)工作期间赢得了 “债券之王” 的称号。太平洋投资管理公司是他共同创立的,他在那里管理着2700亿美元的总回报基金。
Now, as a private investor, Gross no longer controls the world's biggest bond fund, but he still knows his way around the market. In October — while Treasury yields were at, or close to, 16-year highs — Gross predicted a turnaround in the market and placed his bets.
现在,作为私人投资者,格罗斯不再控制世界上最大的债券基金,但他仍然知道自己的市场走向。10月,当美国国债收益率达到或接近16年来的最高水平时,格罗斯预测市场将出现转机,并下了赌注。
Also Read: November Rally Sets Treasury Bonds On Track For Best Month In 40 Years
另请阅读:11月的涨势使美国国债有望创下40年来最好的月份
Higher For Longer, No More
更高持续更长时间,仅此而已
In October, Gross announced on X that he was buying Secured Overnight Financing Rate (SOFR) futures. He confirmed later, through a spokesman, that he'd purchased 3,000 SOFR three-month March 2025 contracts.
10月,格罗斯在X上宣布,他将购买有担保隔夜融资利率(SOFR)期货。他后来通过发言人证实,他已经在2025年3月购买了3,000份为期三个月的SOFR合同。
Maybe next week. Will tweet.
— Bill Gross (@real_bill_gross) October 23, 2023
On bonds. Invest in the curve. Various combinations 2/10, 2/5. Should go positive before year end. I'm buying SFR h5 (SOFR futures). "Higher for longer" is yesterday's mantra. 2/2
也许下周。会发推文。
— 比尔·格罗斯 (@real_bill_gross) 2023 年 10 月 23 日
关于债券。投资曲线。各种组合 2/10、2/5。应该在年底之前转为正数。我要买入SFR h5(SOFR期货)。“越长越高” 是昨天的口头禅。2/2
The position may have already netted him $4 million, according to a Bloomberg report.
彭博社的报道称,该职位可能已经为他净赚了400万美元。
This is a rather obscure area of the financial markets, and few without the many years of experience and knowledge as Gross would think of investing there.
这是金融市场中一个相当模糊的领域,如果没有格罗斯想象的那么多年的经验和知识,很少有人会想到在那里投资。
But Gross was backing rising expectations that the Federal Reserve had finished its rate hike cycle and that bond yields would start to fall.
但格罗斯支持人们越来越高的预期,即美联储已经结束了加息周期,债券收益率将开始下降。
Referencing the Fed's rhetoric throughout its period of interest rate increases, Gross said in his October 24 Tweet: "'Higher for longer' is yesterday's mantra."
格罗斯在10月24日的推文中援引了美联储在加息期间的言论:“'持续更高'是昨天的口头禅。”
The iShares $ Floating Rate Bond UCITS ETF (BATS:FLOT), an exchange-traded fund that tracks securities that reference the SOFR, gained 0.4% during November.
追踪参考SOFR证券的交易所交易基金iShares $浮动利率债券UCITS ETF(BATS: FLOT)在11月份上涨0.4%。
The day before he announced it on X, the yield on the 10-year Treasury peaked at 5.02%. It was the highest level since 2007. It has since fallen back to 4.2% pushing the price of the bond higher.
在他在X上宣布收益的前一天,10年期美国国债收益率达到5.02%的峰值。这是自2007年以来的最高水平。此后,它已回落至4.2%,推动债券价格上涨。
The Fed had already held its main rate steady at its September meeting at 5.25%-5.5% having last raised it at the July meeting. Gross was betting on the July move being the last. Indeed, the Fed held again at its November meeting and is now widely expected to begin cutting in the first quarter of 2024.
美联储在9月份的会议上已经将主要利率维持在5.25%-5.5%,上次提高利率是在7月的会议上。格罗斯押注7月份的举动是最后一次。事实上,美联储在11月的会议上再次举行会议,现在人们普遍预计将在2024年第一季度开始削减。
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