This is very interesting. I feel that too. Ukraine: out-of-favour country with hidden promise. Big, contrarian bets have become Mr Hasenstab’s trademark. Since 2010, he has been investing enthusiastically in Ukrainian government debt, and now owns $8.8 billion of the country’s $16 billion of international bonds. In April, as eastern Ukraine descended into war, Mr Hasenstab appeared in a promotional video from Kiev, touting the great potential of Ukraine’s economy. His funds are also the largest single investor in Ghanaian, Hungarian, Iraqi, Irish, Philippine, Sri Lankan and Uruguayan government debt, according to Ipreo, a market intelligence firm. Even the “safer” elements of his portfolio—big holdings of Malaysian, Mexican and South Korean debt—are relatively exotic. ... Mr Hasenstab argues that, with interest rates likely to start rising after a 30-year bull run in government debt, the only way to make money in bond markets will be to find other countries that the market is mispricing. So his international research team of 20, many of them with doctorates in economics, searches constantly for out-of-favour countries with hidden promise. They mostly ignore indices, benchmarks, ratings agencies and newspapers, focusing instead on data and first-hand research.
Posted on: Mon, 08 Dec 2014 14:21:36 +0000
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