Ukraine tests Templeton star Hasenstab's contrarian style | Reuters:
"The bet paid off in Ireland and it paid off in Hungary but star bond investor Michael Hasenstab's faith in distressed countries honouring their sovereign debts faces an even bigger test in Ukraine.
For the moment at least the fate of a $5 billion-plus punt on Ukraine government debt by the Franklin Templeton manager does not look promising. Political tensions are roiling Ukraine; less than $20 billion stand between it and a huge devaluation-cum-default combo.
But then Hasenstab, who oversees a team managing around $190 billion at Franklin Templeton, has made a name for himself with similarly contrarian investments.
Many were in unloved markets that eventually paid off big time. That has propelled Hasenstab's flagship $70 billion Global Bond Fund to the top of world bond fund league tables at investment research house Morningstar on a 10-year basis."
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