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By: Javiera Quiroga
Chile’s Moneda Asset Management is extending the life of its Argentina fund after it generated a 30 percent windfall over the past year.
In December 2014, money manager Javier Montero set up the Moneda Patagonia fund to invest in cheap Argentina assets including bonds and stocks, and planned to liquidate it two years later. At the time, Montero expected Daniel Scioli, a member of then-President Cristina Fernandez de Kirchner’s political party, to win the election in October 2015 to succeed her. Instead, opposition candidate Mauricio Macri was the unexpected victor, triggering a rally in Argentina markets.
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