Bond fund returns bloom in a volatile year for LatAm

Bond fund returns bloom in a volatile year for LatAm

Bonds Funds Corporate & Sovereign Strategy Features

Venezuelan bonds are cheap, cheap, cheap. That’s because they are priced on the expectation that the country is about to default. And yet, the best bond investors can’t live without them. Several of the 10 portfolio managers topping LatinFinance’s 2017 Debt Investor Scorecard cite Venezuelan bonds as a core driver of returns over the past year. It has made for a wild ride over the past year, as the country has stumbled deeper into economic and political crisis. But the bondholders who stuck with it were rewarded handsomely when the country and its national oil company PDVSA repaid $2.6 billion of debt in April. For portfolio managers who can stomach uncertainty, Venezuela is not the only p

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