Investors want in on Argentina's market, but can't find stocks

Source: Reuters
By: Dion Rabouin

After long considering Argentina's equities, Manning & Napier Inc portfolio manager Ben Rozin was finally motivated to buy late last year, taking a stake in agriculture company Adecoagro SA.

Rozin is one of several fund managers encouraged by last year's election of market-friendly President Mauricio Macri. But as Manning & Napier has sought to broaden its exposure to Argentina, a one-time market pariah, it has been hindered by a lack of publicly-traded Argentine companies.

Argentina's recent deal with "hold-out" hedge funds - who for years battled former President Cristina Fernandez de Kirchner - has thrown the doors open to buyers of the South American country's debt. Investors scooped up $16.5 billion of its multi-tranche sovereign bonds, and another $4 billion from its provinces and assorted corporations.


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