Bond fund manager Vimal Gor revealed he has unwound some of his portfolio positions that were designed to profit from falling rates on 10- to 30-year debt on the belief that the secular stagnation trade has peaked. But he maintains "serious reservations" about how high bond yields can go from here.

Mr Gor has earned a reputation as one of the shrewdest readers of the bond market by being positioned for falling yields on long-duration securities. That was a rewarding outlook, until the sell-off that accelerated with Donald Trump's election victory last month sent nominal yields rising by the most since 2009.