Jim Leaviss, the head of M&G’s £41bn wholesale fixed-income franchise, is not a fan of bond bears calling the end of a 30-year bull run. But he is going into 2020 with a sceptical view of safe-haven government debt all the same.

Leaviss’s £1.1bn Global Macro Bond fund, which has outperformed peers in the past year, held a 52% position in government bonds at the end of October, according to its latest factsheet, down from more than 60% at the end of October 2018, according to its annual report from that year.