But for some money managers who typically only focus on high-risk developing nations, they’ve become the asset of choice to preserve capital. With markets across the world reeling from the spread of the coronavirus, traders are being forced to come up with new ways of hedging their risks. Among those who have turned to U.S. government bonds are Alejandro Arevalo, who runs funds focused on emerging markets for Jupiter Asset Management Ltd., and Paul McNamara, who oversees more than $7 billion of developing-market fixed-income assets for GAM Investment Management.