Templeton Global Bond fund manager Michael Hasenstab is using the current credit market turmoil to a...
Templeton Global Bond fund manager Michael Hasenstab is using the current credit market turmoil to add to his positions in Brazil and Indonesia. The manager of the $6.9bn fund said economic fundamentals in the two countries have not been affected by the US sub-prime problems. “This is a great opportunity to buy cheap credit after the wider sell-off,” he said. “Brazilian gilts are trading on a yield of 11%, economic conditions are improving and interest rates falling.” The 16-year-old bond fund invests in global fixed income securities, primarily in gilts.
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