The shift highlights the potential risks and rewards of Mr Hasenstab's strategy of staking vast sums on conviction trades.

Templeton doubles down on Argentina

Funds controlled by Templeton, run by Michael Hasenstab, bought $US2.3 billion of bonds denominated in Argentine pesos.

What the budget means for markets

Bonds are expected to be the marginal winners from the federal budget, which is unlikely to change the story for equities or the currency.

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