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We got the duration call wrong, says Carmignac’s Zerah

Citywire + rated manager Charles Zerah has counted himself among those who misjudged the Federal Reserve’s interest rates policy over 2014, with specific reference to how he adjusted duration in his global bond fund.

Zerah, who runs the Carmignac Portfolio Global Bond fund, said this stance had not impeded outperformance in the fund and a strong dollar had provided a particularly attractive tailwind over the past six months.

The fund has returned 11.7% in US dollar terms over the three years to the end of November 2014. This is while its Citywire benchmark, the JP Morgan Global GBI Unhedged TR, fell 1.26%.

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