BUSINESS

Top Taiwan fund invests in Romania, Russia and Turkey government bonds

Taiwan’s best-performing debt fund is buying Russian, Romanian and Turkish government bonds as the European Central Bank’s (ECB) injection of funds into lenders helps ward off a cash crunch, Bloomberg informs. Bryan Wang, who manages USD 207 million of assets as a manager at Fuh Hwa Securities Investment Trust Co., said he added the securities to this year. His Emerging Markets High-Yield Fixed-Income Fund returned 7.9 per cent in 2012, the most of 115 debt funds in Taiwan. “If you look at the portfolios of major European banks, they have a lot of exposure in Eastern Europe,” Taipei-based Wang said in an interview yesterday. “Since the ECB is injecting funds into European banks, the money will flow into these countries, driving bond rallies.”

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