Richard Saldanha, equity fund manager at Aviva Investors, is advising investors to diversify their portfolios as US 10-year Treasury yields approach the 5% level. US 10-year yields traded between 4.69% and 4.75% in late August 2026, driven by persistent fiscal pressures, stubborn inflation, and a structurally higher rate environment. The sectors most exposed are long-duration technology and speculative growth stocks, as higher discount rates reduce the present value of future earnings. Aviva reported H1 2026 operating profit of £1.326 billion, up 24% year-on-year, with interim dividend raised to 14 pence per share.
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