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Argentina's "Macrisis," which has sent its currency spiraling lower and cut the value of its bonds by more than half their value, and the implosion of U.S. Treasury yields cost Franklin Templeton’s flagship $100 billion Global Bond Fund $3 billion in the 3rd quarter, public filings data show.

What happened: The fund, managed by Michael Hasenstab, was heavily invested in Argentinian local-currency bonds, which defaulted in August, and a huge short position on U.S. Treasuries, which have seen prices rise significantly, Bloomberg reported.

The backdrop: "It’s not the first time Hasenstab, who oversees more than $100 billion and made his name staking large sums on contrarian trades, has been wrong-footed. But he’s rarely been caught in two poorly-performing bets at the same time. Morningstar Inc. said in August it would stick to its top analyst rating for his fund despite the barrage of bad news because of its track record of picking winners in the long term," per Bloomberg.

  • The fund has returned 2.4% in the past three years, Bloomberg data show.

Go deeper: Argentine president leads economy to debt, inflation and mass poverty

Go deeper

Dan Primack, author of Pro Rata
2 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

Trump political team disavows "Patriot Party" groups

Marine One carries President Trump away from the White House on Inauguration Day. Photo: Patrick Smith/Getty Images

Donald Trump's still-active presidential campaign committee officially disavowed political groups affiliated with the nascent "Patriot Party" on Monday.

Why it matters: Trump briefly floated the possibility of creating a new political party to compete with the GOP — with him at the helm. But others have formed their own "Patriot Party" entities during the past week, and Trump's team wants to make clear it has nothing to do with them.