Fisher Investments bets big on contrarian long-dated US bonds as 30-year yields hit levels not seen since 2007

Ken Fisher, the billionaire whose name sits on the door of a firm managing roughly $336 billion, is doing something most bond market participants consider somewhere between brave and reckless. Fisher Investments has been building a position in long-dated US Treasurys, the kind of bonds that lose the most value when yields rise, right as 30-year yields have climbed past 5% for the first time since 2007.

Fisher Investments, which grew its assets under management from approximately $295 billion in Q1 2026 to around $336 billion by Q2, has historically been an equity-first shop. Ken Fisher built his reputation picking stocks and writing investment columns, not trading the long end of the yield curve. That makes the firm’s recent incorporation of a bond ETF sleeve within its primarily equity-focused portfolio all the more notable.

The firm’s public commentary has framed the current yield environment as sentiment-driven rather than a reflection of deteriorating economic fundamentals. In other words, Fisher’s team believes the market is overreacting to fiscal concerns and duration risk, and that long-term yields are simply reverting to historical norms after a decade-plus of artificially low rates.

There’s historical precedent for this kind of contrarian bond bet paying off. In late 2023, long-duration Treasurys staged a significant rally after 10-year yields briefly touched 5%, rewarding investors who had the conviction to buy when sentiment was most negative.

For individual investors, the implicit message is worth considering. With 30-year yields at their highest level since 2007, the income component of long bonds is genuinely attractive. A 5% coupon on a US government obligation, locked in for three decades, is the kind of yield that was basically extinct between 2010 and 2023.

Either way, a $336 billion manager planting a flag on long-duration Treasurys at these yield levels is one of the more interesting allocation calls of 2026. Notably, despite some speculation regarding an exact $4 billion allocation to long bonds, no direct confirmation has emerged as of mid-August 2026.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.