Franklin Templeton's Hasenstab hit with $1.8bn Argentine bond losses - reports

clock • 2 min read

Franklin Templeton bond funds managed by Michael Hasenstab have reportedly lost a total of almost $1.8bn (£1.5bn) in a single day as a result of the manager's exposure to Argentinian government bonds, which were hit will with a sell-off in the wake of President Mauricio Macri primary elections defeat over the weekend. Hasenstab has been one of the biggest buyers of Argentine debt, having purchased more than three-quarters of $3bn "Bote" made available in May 2018, with six of his funds building significant exposure to the country's bonds. However, after the weekend's news investors ...

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