Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Donate through PayPal
Hasenstab Loses $1.8bn In Single Day As Big Bet Blows Up: (FEMGX) - (TPINX)
FYI: Fixed income star Michael Hasenstab lost $1.8 billion in a single day’s trading this month as a series of big bets on Argentine assets crashed following a primary election which shook political forecasts, according to the Financial Times.
The Argentine peso dropped as much as 20% and bond yields rocketed as markets absorbed the consequences of an unexpectedly strong showing by in the presidential race by the populist Alberto Fernández who has selected former incumbent Cristina Fernández de Kirchner as his running mate.
Hasenstab’s $11.3 billion Templeton Emerging Markets Bond fund tumbled 3.5% on Monday, equivalent to a $440 million loss, according to a FT analysis of Morningstar data.