Daniel Vascyn, chief investment officer of Pinhao, said that the rise in long-term US Treasury yields to more than 5% is prompting the company to reduce its low-allocation positions on such bonds. Ivascyn said that at a time when the sell-off in global bonds is driving long-term US bond yields close to a 20-year high, Pin Hao is allocating US Treasury bonds in a more balanced manner. This means that on the one hand, the company reduced its long positions on 5-7 year US bonds, and on the other hand, it also reduced its bearish position on long-term US bonds.

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