Chile’s Top Performing Fund Says High-Yield Bonanza Is Over
- Inversion Security HY Chile fund returned 20.2% last year
- Boom came as indebted companies managed to refinance bonds
Santiago, Chile.
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It was a good year for some of Chile’s most indebted companies in 2024, and an exceptional one for Guillermo Marin, money manager of a high-yield local debt fund at Grupo Security SA.
Marin’s $25.1 million (25 billion peso) Fondo de Inversion Security HY Chile, returned 20.2%, more than any of its 88 peers. The gains stemmed from some of Chile’s most troubled companies, such as retailer Empresas Hites SA and Clinica Las Condes SA, which managed to refinance their debt or resolve management issues.