Goldman Fund Buys Turkey, Argentina Debt, Says Rout Overdone
- Emerging-market assets look cheap after sell-off, Moffitt says
- Goldman Asset is overweight Turkey, Argentina dollar bonds
This article is for subscribers only.
Goldman Sachs Asset Management is buying Turkish and Argentinian government debt as it bets on the worst-performing emerging markets to offer some of the more profitable bond trades this year.
The money manager has taken an overweight position in the two nations’ dollar bonds, according to Philip Moffitt, Asia-Pacific head of fixed income at Goldman Sachs Asset Management. The rationale: these notes have been “decimated” by investors fleeing a rout in emerging markets even though the two nations’ finances remain robust.