Templeton Boosts Argentina Holdings in Its $40 Billion Global Bond Fund
Argentinian President Mauricio Macri’s reform efforts have won approval from the world’s biggest emerging-market bond investor, Bloomberg News reported. Franklin Templeton Chief Investment Officer Michael Hasenstab boosted holdings in Argentina in the $40.4 billion Templeton Global Bond Fund that he runs to 4.5 percent in the first quarter. The investment has propelled the Latin American country to the sixth spot in the fund’s country holdings. Hasenstab was encouraged by reform efforts from Argentina’s new president, he said in a research note published in January. Since taking office in December 2015, Macri has lifted currency controls, settled with outstanding creditors from a 2001 default and made efforts to open the country’s heavily protectionist economy to foreign investors. S&P Global Ratings raised the nation’s long-term credit grade to B from B- earlier this month. Read more.