The portfolio manager's Janus Henderson Global Unconstrained Bond Fund declined by nearly 3 percent, his worst day since inception, as bond market volatility surged on Italian geopolitical concerns. The fund is now down 5.9 percent for the year to date through Tuesday, according to Morningstar.
As of the end of March, the fund had minimal, if any, exposure to Italy. The European country, in the headlines this week because of political turmoil, is not listed among the fund's 10 largest country exposures.
Instead, the drop in performance may have been driven by a negative bet against Treasury bonds, looking for their price to fall.
Source: Bloomberg Pro Terminal
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