Asset manager Aberdeen "trimming" Venezuela bonds after stunning rally
By Libby George
LONDON, Jan 9 (Reuters) - Asset manager Aberdeen Investments is "trimming" its holdings of Venezuela's sovereign bonds, a portfolio manager told Reuters, after a stunning rally that has more than doubled the price of the country's defaulted bonds in the past 12 months.
"The tail risk seems pretty high," Kevin Daly, a portfolio manager at Aberdeen Standard Investments, told Reuters. "We're trimming it back a little bit. I think it's prudent to reduce a bit of risk here."
The defaulted debt instruments gained as much 10 cents on Monday, the first trading day after the U.S. seized President Nicolas Maduro in a weekend operation.
Those gains added to returns of nearly 100% last year, fuelled by investor hopes that U.S. President Donald Trump's return to the White House could prompt regime change that could kickstart a long-awaited debt restructuring.
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