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 ...