LIMA: For Goldman Sachs Group Inc’s investing arm, there’s junk – and then there’s junk.
The money manager is targeting higher-rated junk notes to boost emerging-market returns. Hard-currency bonds in the BB category, just below investment grade, are the sweet spot and should continue to outperform, according to Angus Bell, a London-based portfolio manager for Goldman Sachs Asset Management’s emerging-market debt team, which oversees about US$45bil.
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