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Monetary Matters with Jack Farley
From Treasury Minister of Argentina to Macro Hedge Fund Manager | Nicolás Dujovne of Tenac Asset Management
Mar 25, 2025
Nicolás Dujovne, CIO and founder of Tenac Asset Management, reveals his journey from serving as Argentina's Treasury Minister to becoming a hedge fund manager. He discusses how macroeconomic insights shape investment strategies in emerging markets, emphasizing both the growth potential and risks involved. Dujovne also highlights the importance of understanding international finance institutions like the IMF, as these insights can significantly impact returns. Additionally, he shares thoughts on the evolution of investment practices post-pandemic and election forecasting dynamics.
01:05:23
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Quick takeaways
- Nicolás Dujovne emphasizes the significance of understanding macroeconomic factors and international organizations like the IMF for successful investment in emerging markets.
- The historical economic volatility of Latin America has fostered a generation of macro thinkers and adaptive investment strategies that capitalize on emerging market debt.
Deep dives
Strong Performance of Emerging Markets Debt
Emerging market debt has demonstrated significant potential for returns, evidenced by the EMBI's annualized return of 8.5% over the last 25 years, coupled with a volatility of roughly 10%. This performance is intriguing compared to other asset classes, with the S&P only surpassing it in returns, albeit with greater volatility. The Sharpe ratio for emerging markets presents an attractive risk-return profile, making it a desirable option for global investors seeking enhanced returns. The strategy aims to optimize these returns while simultaneously protecting investors against potential downturns.
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