Bullish Medium Term (1-2 years)

TLT

US Treasury long bonds (20+ years) - exposure to long duration in US dollars.

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TLT — 20+ year US Treasuries, in dollars ·
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What the channel thinks

Bullish — 15% of the portfolio

Promoted from Neutral to Optimistic on Oct 18, 2026, with weight increasing from 10% to 15%. US interest rates are at historical highs, allowing us to still ride the appreciation of long-term Treasuries while boosting dollar exposure, which remains cheap. Both direct TLT and BTLT39 work well.

Historically Low Prices

TLT dropped significantly in recent years. Limited downside, entry opportunity at an attractive level.

Protection Asset

In crises and market corrections, investors flee to US treasury bonds. Protection against the AI bubble.

Dollar Return

Dollar rises ~8% per year vs real + dividend ~3% = 11% already guaranteed. Potential for another 5-10% with bond appreciation.

What the TLT is

TLT is the ETF for US Treasury bonds of 20 years or more. When US interest rates fall, its price rises; when they rise, it falls. In Brazil, BTLT39 provides the same exposure on the exchange.

Long-term TreasuriesRises when US interest rates fallDollar exposure
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How to get exposure

TLTUS ETF (iShares)
GOVTUS ETF
BNDUS ETF (Vanguard)
Direct US TreasuriesUS Government Bond

This analysis reflects the channel's opinion and does not constitute investment recommendation. Long bonds have high volatility.