Goldman Sachs Asset Management is betting on the worst-performing emerging markets by buying up Turkish and Argentinian government debt, according to an article in Bloomberg.

The article reports that the firm “has taken an overweight position in the nation’s dollar bonds” based on the rationale that the notes have been “decimated” by investors “fleeing a rout in emerging markets.”

Goldman’s head of fixed income (Asia-Pacific) Philip Moffitt, said that in places like Turkey, “where the politics stink, their local financing, local sovereign balances sheets are actually strong—they can certainly afford to fund themselves and pay their interests.”

According to the article, Goldman shares the view of other fund managers that “reckon cheap prices and solid economic fundamentals outweigh the risks of higher U.S. rates and the trade war.” According to Moffitt, emerging markets is “about the only place in fixed-income land now that does look cheap and can generate high, single digit, maybe even double-digit returns.”

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