Article: Fund Dares Tread in Argentina

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INVESTORS in emerging markets need the sort of temperament that allows them to laugh in the face of danger. A rule of thumb holds that you should buy when there is economic calamity and rioting in the streets, then sell soon after a new epoch of peace and prosperity is proclaimed. Jonathan Neill, manager of the FPP Emerging Markets Fund II, evidently subscribes to this viewpoint. He has fought through the tear gas to invest 4.6 percent of the fund in Argentina, amid the country's deep and protracted recession and prospects for currency devaluation and debt default. In a letter to shareholders of the fund, offered by Fabien Pictet & Partners Ltd., Mr. Neill said ...

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