Richard Saldanha, an equity fund manager at Aviva Investors, is advising stock investors to diversify their portfolios as the US 10-year Treasury yield pushes toward the 5% mark.
Why 5% changes the conversation
US 10-year Treasury yields traded in the range of roughly 4.69% to 4.75% through the latter part of August 2026, with a peak near 4.75% in late July. The forces driving yields higher include persistent fiscal pressures, stubborn inflation, and a structurally higher rate environment following years of near-zero rates.
Saldanha’s equity philosophy and what it tells us
Saldanha’s investment approach at Aviva is specifically designed to capture most of the upside in equity markets while limiting damage on the way down. The target: roughly 90% upside participation relative to benchmarks, with downside capture of around 80%.
