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By: Benjamin Bain & Andres R Martinez
Bill Gross has become the latest investor to bet big on Argentina after the nation ended its decade-long debt dispute with hedge-fund manager Paul Singer.
Argentina’s bonds emerged as one of the top 10 holdings in Gross’s $1.44 billion Janus Global Unconstrained Bond Fund in May. No other country’s government debt made the cut, not even his long-time emerging-market favorites, Mexico and Brazil. The investment comes at a time when Argentine debt is posting the second-biggest returns in emerging markets over the past year.
The Argentina bet “makes sense,” said Edgardo Sternberg, a money manager at Boston-based Loomis Sayles, which oversees $229 billion in bonds including Argentine sovereign debt. “I see it, individually, as a big potential from an emerging-markets perspective.”
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