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Hasenstab: Global Plays for a Rising Rate Environment

The 2010 Fixed Income Manager of the Year says his team sees opportunity in the currencies and short-dated bonds of less-levered, higher-growth countries outside of the U.S.

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Miriam Sjoblom: A lot of the work you did in the portfolio in 2010, it didn't necessarily pay off in 2010--it is preparing for what comes next. Can you talk a bit about what you've been doing in the portfolio and your outlook for 2011?

Michael Hasenstab: To your first question, one of the big strategies that we focus on is a long-term thesis. So, we did position in 2010 for some issues that we think will take a couple of years to evolve. One is our concern that U.S. interest rates will go higher, so we have become very defensive, and were in 2010, on U.S. interest rates.

Miriam Sjoblom does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.