Investments

Fund manager Michael Hasenstab lost $3 billion in Q3 betting on Argentina and Treasury yields

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.

Barneys New York in talks for a $268 million rescue investment

Sharon Khazzam jewelry at Barneys New York.
Sharon Khazzam jewelry on display at Barneys New York. Photo: Kelly Sullivan/Getty Images

Barneys New York, the luxury retailer that filed for bankruptcy in August, reportedly is in talks for a $268 million rescue investment from Authentic Brands Group.

Why it matters: This could keep at least some of Barneys' 7 locations open, while a concurrent licensing deal with Hudson’s Bay Co. would keep the Barneys website afloat and result in Barneys mini-locations being opened inside of Saks Fifth Avenue stores.