Bond funds run by Michael Hasenstab, one of the fixed income market’s biggest investors, lost nearly $1.8bn in a single day during the stampede out of Argentine assets that followed the drubbing of President Mauricio Macri in the weekend primary elections.
阿根廷总统毛里西奥•马克里(Mauricio Macri)在上周末初选中落败后，该国资产遭到抛售，导致由固定收益市场最大投资者之一迈克尔•哈森斯塔布(Michael Hasenstab)管理的债券基金在一天里损失近18亿美元。
Mr Hasenstab, the star manager at California-based Franklin Templeton, has been one of the biggest buyers of Argentine debt, and six of his funds with the most significant exposure to the country suffered large drops in value in Monday’s rout, according to Financial Times calculations.
Concerns of a return to populist Peronist rule after the presidential election proper in October sent the peso down more than 20 per cent versus the dollar at one point and the yield on Argentina’s shorter-dated bonds surging to distressed levels. The odds of a debt default in the next five years also spiralled to 75 per cent.
The Argentine turmoil both reflected and added to wider turbulence in emerging market currencies and bonds, which lost over 1 per cent on Monday, exacerbating the losses suffered by several Franklin Templeton funds.
Mr Hasenstab’s $11.3bn Templeton Emerging Markets Bond Fund, which has an exposure to Argentine debt of more than 10 per cent, according to Morningstar, fell 3.5 per cent on Monday, indicating a loss of about $400m.
根据晨星(Morningstar)的数据，哈森斯塔布的113亿美元邓普顿新兴市场债券基金(Templeton Emerging Markets Bond Fund)周一下跌3.5%，说明其损失约4亿美元。该基金对阿根廷债务的敞口超过10%。
The $17.4bn Templeton Global Total Return Fund Class A saw a decline of 2.5 per cent. That fund, which has just over 6 per cent exposure to Argentina’s fixed income market, according to Morningstar, lost approximately $440m.
174亿美元的邓普顿环球总收益基金A (Templeton Global Total Return Fund Class A)下跌2.5%，损失约4.4亿美元。晨星数据显示，该基金对阿根廷固定收益市场的敞口略高于6%。
Mr Hasenstab’s $33.1bn Templeton Global Bond Fund shed 1.8 per cent, leading to losses of roughly $592m. Three of the other funds he co-manages with notable exposure to Argentine debt saw losses totalling just under $362m.
哈森斯塔布的331亿美元邓普顿环球债券基金(Templeton Global Bond Fund)下跌1.8%，导致约5.92亿美元亏损。他与人共同管理的另外三只对阿根廷债务有显著敞口的基金总计损失近3.62亿美元。
The FT’s calculations are based on asset-under-management figures and portfolio weightings as of July 31. Franklin Templeton declined to comment.
Chaos gripped Argentine markets on Monday after a stronger-than-expected electoral showing by Peronist candidate Alberto Fernández and his running mate, former president Cristina Fernández de Kirchner. It continued on Tuesday, although to a smaller magnitude, amassing even more losses for investors.
阿根廷市场周一出现混乱局面，此前庇隆主义候选人阿尔韦托•费尔南德斯(Alberto Fernández)及其竞选搭档、前总统克里斯蒂娜•费尔南德斯•德基什内尔(Cristina Fernández de Kirchner)在初选中的表现强于预期。周二阿根廷市场延续跌势（尽管幅度较小），为投资者带来更多损失。