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Fund manager down $1.8 billion in a day on Argentina market plunge: FT

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A star fund manager at Franklin Templeton lost $1.8 billion on Monday due to the market slide in Argentina, according to the Financial Times.

Michael Hasenstab, a fixed-income fund manager, had several large positions in the Argentina bond market. The financial markets in the country plunged after a surprise result in primary elections. President Mauricio Macri, the center-right incumbent, lost by a larger than expected margin, raising concerns about populist leaders gaining control of the country.

Argentina’s stock market lost more than 30% on Monday, and the Argentine peso also fell significantly.

Several funds run by Hasenstab had large positions in Argentine bonds, creating a cumulative…



Source cnbc.com

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