Hasenstab Flips to Safe-Haven Currencies Amid $3 Billion Loss
- Star fund manager doubles yen exposure in global bond fund
- Templeton fund was long Argentina, short Treasuries in August
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Franklin Templeton star bond investor Michael Hasenstab, who saw two of his biggest investments flop in August, is loading up on safe-haven currencies and winding down massive holdings in emerging markets.
The fund manager doubled exposure to the yen to 40% in the $30 billion Templeton Global Bond Fund in the third quarter, according to a recent filing. He’s also added long positions in the Norwegian krone and Swedish krona and is increasing liquidity by boosting cash across his funds, he said in an October note.