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Leonid Bershidsky

Will Ukraine's Riots Batter a Star Bond Investor?

Trouble in Ukraine could tarnish the stellar record of a big bond investor.

One of the world's most successful investors has a big bet going on Ukraine. It could prove to be a big mistake.

Michael Hasenstab, a portfolio manager at Franklin Templeton Investments, has won many prestigious awards in the fund management industry. He has consistently outperformed his peers, delivering an annualized total return of 7.1 percent on his bond investments over the past 12 years, accordingto data provider FE Trustnet. The Irish Independent reportedthat he made $2.6 billion for his investors by accumulating about 10 percent of Ireland's government debt in 2011 and 2012 and making a windfall as the nation stepped back from the brink of default.