I think that foreign bonds are a valuable diversifier in a broadly diversified portfolio. So I think an allocation to them adds something over time. I would be reluctant to sell entirely out of an asset class that is part of one's core portfolio allocation, regardless of what you think the short term direction of that asset class might be.
If you are over your intended allocation, by all means trim away to get back within your bounds. I find it a bit difficult to call the direction of a couple dozen currencies. I note that GIM is short the Euro, the Yen and the Kiwi vs. the AUD, non-Euro European currencies, and other Asian currencies. Are these the right positions to take? I would hazard a guess that they sound plausible, but I am happy to leave this one to the experts in the area who have a good, long term track record.
There are foreign bond ETFs. If memory serves, BWX is a nominal bond fund and WIP is an inflation-adjusted fund (foreign versions of TIPS).
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