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"It
is impossible to get the timing of anything exactly right. You
have to ask yourself, 'Are you a speculator or an investor?'"
Minerd said in an interview in New York.
"We are investors and we believe it is a pretty good period to
start nibbling on Treasuries."
Minerd said Guggenheim, which has $240 billion in assets under
management, purchased agency mortgage-backed securities and
agency debt securities this week. "We purchased long-duration,
high-quality agencies," he said.
The $2.8 billion Guggenheim Total Return Bond Fund, which is run
by Minerd, is up 3.33 percent for the three-year period ended
April 26, surpassing 99 percent of its intermediate-term peer
category, according to Morningstar data. The Guggenheim Total
Return Bond Fund is surpassing its category for the three-year
period by 1.72 percentage points, Morningstar said.
Other high-profile investors have voiced similar sentiments on
Treasuries.
On Tuesday, Jeffrey Gundlach, the influential head of DoubleLine
Capital, said investors looking to purchase Treasuries in the
wake of the bond market's sell-off are making a prudent move. "I
think it is a reasonable strategy to start legging into the
Treasury market," he said in a telephone interview.
Minerd also commented on the Federal Reserve's policy decision
on Wednesday, saying that while the Fed left the door open to an
interest rate hike, possibly at its next meeting on June 14-15,
he does not think it will happen. He said the "Fed is hostage"
to macro events with major uncertainty and potential volatility
like Brexit.
Britain will vote on a referendum on June 23 to decide whether
the country should remain in the European Union.
(Reporting by Jennifer Ablan; Editing by Leslie Adler and
Matthew Lewis)
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