In the rock ’n’ roll of emerging markets, top fund managers hog the spotlight. Investors such as Michael Hasenstab at Franklin Templeton get star billing for producing good performance. That is not easy when investing in countries with topsy-turvy economies and volatile markets.

Hasenstab has sounded a bum note, caught out by a currency crisis in Argentina. He had bet big on that country’s recovery but lost $1.8bn in a single day after support for President Mauricio Macri slumped in a weekend poll, according to an FT analysis.

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