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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.

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