Interesting…Franklin Templeton Investments’ fund manager Michael Hasenstab has been making a big contrarian bet that Ireland will rebound from the eurozone debt crisis, the New York Times reported. He bought billions worth of Irish government debt.
Hasenstab, 38, is also making a wager that Hungary will bounce back as well.
From the NYTimes:
Last summer, when investors around the world dumped their holdings of Irish government debt, sending yields soaring, Hasenstab was buying. Today, his fund owns at least $2.5 billion in Irish government bonds. His Hungarian bet is even bigger, at more than $3 billion in that shakier country’s debt. The Irish bonds have been the far stronger performers, rallying more than 35 per cent from the middle of last year.
Now investors will have to see if his bets pay off.